/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080329.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 29, 2008, Vol. 12, No. 75 Headlines AEGIS MORTGAGE: Incurs $8,523,876 Net Loss in January 2008 AMERICAN LAFRANCE: Delivers Initial February 2008 Operating Report ASARCO LLC: Earns $23,099,000 in Month Ended February 29 BLUE WATER: Discloses $85,049,531 in Total Scheduled Assets DELTA FINANCIAL: Files Operating Report for February 2008 DUNMORE HOMES: Posts February 2008 Net Loss of $905,976 FEDDERS CORPORATION: Files January 2008 Monthly Operating Report KUSHNER-LOCKE: Files October 2007 Monthly Operating Report KUSHNER-LOCKE: Files November 2007 Monthly Operating Report KUSHNER-LOCKE: Files December 2007 Monthly Operating Report KUSHNER-LOCKE: Files January 2008 Monthly Operating Report LEVITT AND SONS: Amends December 2007 Operating Report LEVITT AND SONS: Amends January 2008 Operating Report LEVITT AND SONS: Amends February 2008 Operating Report NETBANK INC: Files Monthly Operating Report for February 2008 NEUMANN HOMES: Submits February 2008 Monthly Operating Report NEW CENTURY: Incurs $7,401,935 Net Loss in Month Ended Jan. 31 SIRVA INC: Files Schedules of Assets and Liabilities SIRVA INC: DJK Residential Files Schedules of Assets and Debts TOUSA INC: Posts $7,967,000 Net Loss in Month Ended February 29 TOUSA INC: Amends Schedules to Disclose $55,000 in Receivables TOUSA INC: Tousa Homes Files Amended Schedules of Assets & Debts TOUSA INC: Three Affiliates File Amended Schedules TOUSA INC: Eight Affiliates File Amended Schedules TOUSA INC: Engle Homes Amends Statement of Financial Affairs VESTA INSURANCE: Florida Select Files February 2008 Report ********* AEGIS MORTGAGE: Incurs $8,523,876 Net Loss in January 2008 ---------------------------------------------------------- Aegis Mortgage Corporation, et al. Consolidated Balance Sheet As of January 31, 2008 Assets Unrestricted Cash & Equivalents $27,513,074 Restricted Cash and Equivalents 20,072,658 -------------- Total Cash and Cash Equivalents 47,585,732 Prime loans 3,875,396 Nonconforming Loans 2,245,726 Loan Premium (Discount), net 2,169,645 Repurchased Loans 6,332,084 Loan Loss Reserve - -------------- Mortgage Loans Held for Sale 14,622,851 ABS Nonconforming 3,378,791,916 ABS Loan Premium (Discount), net (19,062,130) ABS Loan Loss Reserve (196,549,140) -------------- Mortgage Loans Held for Investment 3,163,180,646 Accrued Interest - Loans Held for Sale - Accrued Int. - Loans Held for Investment 23,684,113 -------------- Accrued Interest Receivable 23,684,113 Mortgage Servicing Rights - Property and Equipment, net 953,666 Deferred Income Taxes 77,612,197 Goodwill - Prepaid Rent and Deposits 514,796 Derivative Assets (20,491,867) Receivable for Advances 41,828,549 Servicer Related 298,752 Other Assets 640,429,922 Intercompany Receivable 0 -------------- TOTAL ASSETS $3,990,219,357 ============== Liabilities & Shareholder's Equity N/P Warehouse - Prime $540,186,233 N/p Warehouse - Nonconforming 25,222,476 N/P Warehouse - Other 18,970,212 N/P Warehouse - Repurchased 11,933,754 -------------- Revolving Warehouse and 596,312,674 Repurchase Facilities Bonds Payable 3,269,599,330 NAS IO Bonds Payable - NIM Bonds Payable 52,989,614 Bond Premium (Discount), net (22,590,158) -------------- Bond Financing on Mortgage Loans Held for Investment 3,299,998,786 Subordinated Debt 177,156,872 Accrued Interest Payable 6,727,958 Accounts Payable and 83,141,881 Accrued Expenses Notes Payable-Other - -------------- Total Liabilities 4,163,338,171 Common Stock 97,386 Preferred Stock 104,000 Other Comprehensive Income - Paid in Capital 56,850,415 NR Related to Common Stock (5,890,925) Distributions - Treasury Stock - Dividends (39,000) Retained Earnings (215,716,814) Current Net Income Prepetition - Current Net Income (8,523,876) -------------- Total Equity (173,118,814) -------------- TOTAL LIABILITIES & EQUITY $3,990,219,357 ============== Aegis Mortgage Corporation, et al. Consolidated Income Statement January 1 to 31, 2008 Loans Held for Sale Interest Income $16,696 Interest Expense - Servicing Expense - -------------- Net Interest Income 16,696 Loans Held for Investment Interest Income 25,427,419 Interest Expense (15,866,756) Servicing Expense (1,462,784) -------------- Net Interest Income 8,097,879 Gains on Sale - Premiums Paid - Loan Points - Loan Origination Fees - Broker Fees Received - -------------- Production Income - Servicing and Prepayment Income 97,965 Late Charges - -------------- Total Servicing Fees 97,965 Other Income (Loss) (15,056,216) -------------- Total Revenue (6,843,676) Salaries 207,669 Bonuses - Commissions - Employee Benefits - Payroll Taxes 27,279 Meetings & Travel 155 Meals & Entertainment 359 -------------- Total Personnel Expenses 235,462 Rent 142,947 Telephone 41,386 Office Supplies (2,214) Shipping & Postage 1,411 Equipment 1,045,000 -------------- Total Office Expenses 1,228,530 Professional expense 758,301 Marketing - Loan Related Expenses 72,251 Banking - Other Taxes/Licenses/Fees 25,480 Other Expenses 165,360 -------------- Total Other Expenses 1,021,392 Direct Operating Expense 2,485,384 Direct Operating Income (9,329,060) Loan Loss Provision (887,380) Deferred SFAS 91 Expenses - Sub Debt Expense - Depreciation Expense 82,196 Amortization - Direct Allocation to Subs - Allocation Between Subs - -------------- Indirect Operating Expense (805,184) -------------- Total Expenses 1,680,200 Income (Loss) Before Taxes (8,523,876) Federal and State Income Taxes - -------------- Net Income (Loss) ($8,523,876) ============== Aegis Mortgage Corporation, et al. Receipts and Disbursements Month Ended January 31, 2008 Balance at Beginning of Period $26,663,143 RECEIPTS: Cash Sales 0 Accounts Receivable 2,055,264 Loans and Advances 0 Sale of Assets 260,249 Other Insurance Premiums 0 Transfers (from DIP Accounts) 0 Return of Investments Moulton Reinvestment 0 -------------- Total Receipts 2,315,513 DISBURSEMENTS: Net Payroll (223,827) Payroll Taxes (1,216) Sales, Use & Other Taxes 1,675 Inventory Purchases 0 Secured/Rental/Leases (171,807) Insurance--Health Benefits (15,611) Administrative (256,698) Selling 0 Other NSF's 0 Owner Draw 0 Transfers to DIP Accounts 0 Professional Fees (432,665) U.S. Trustee Quarterly Fees (12,000) Court Costs 0 -------------- Total Disbursements ($1,112,148) -------------- Net Cash Flow 1,203,365 -------------- Cash-End of Month $27,866,508 ============== The Debtors said in their Web site that they will send 2007 Earnings Statements (Form W-2) and 2007 Mortgage Interest Statements (Form 1098) to former Aegis employees and former Aegis servicing customers. Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan of reorganization expires on April 9, 2008. (Aegis Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN LAFRANCE: Delivers Initial February 2008 Operating Report ------------------------------------------------------------------ American LaFrance LLC, delivered to the U.S. Bankruptcy Court for the District of Delaware its initial Operating Report for the month ended Feb. 29, 2008. The Debtor relates that it is in the process of reconciling and closing its accounts for the calendar year 2007, and thus is unable to provide a month end balance sheet and a monthly income statement for February 2008. Instead, the Debtor provided partial reports on revenues, available cash on hand, and estimated inventory. American LaFrance, LLC Revenues For the Period from Jan. 28 to Feb. 29, 2008 Emergency Vehicle Sales $2,506,240 Vocational Vehicle Sales 362,062 Parts & Services Sales 424,442 ----------- Total Sales $3,292,744 =========== American LaFrance, LLC Cash on Hand As of February 29, 2008 Book Cash Balances Cash on Hand $1,215,853 Cash in Professional Fee Escrow Account 1,075,000 Cash in Prepetition Debt Account 4,740,693 Cash in CD Account# 910 000 6538 2316 145,000 ----------- Sub-total $7,176,546 ----------- Restricted Cash $24,796,640 ----------- Grand Total -- Book Cash $31,973,186 =========== Bank Cash Balances Wachovia Acct#20000037502919 $0 Wachovia Acct#20000037503099 3,119,940 Wachovia Acct#20000037503112 1,075,000 Wachovia Acct#20000037503125 8,188 Wachovia Acct#20000037503138 4,571,532 Bank of America Acct#910 000 65382316 145,000 Bank of America Acct#0007 8283 0174 0 Bank of America Acct#0007 8283 0365 56 Bank of America Acct#0022 3117 2093 557 Bank of America Acct#0022 3115 5968 6,294 Bank of America Acct#3750610213 100,902 Bank of America Acct#0000 8283 2981 0 Bank of America Acct#0007 8283 2907 0 Bank of America Acct#0007 8283 3142 0 Bank of America Acct#0022 3117 2019 0 ---------- Sub-total $9,027,469 ---------- Bank of America Acct#0022 3116 3578 $24,796,640 ----------- Grand Total $33,824,110 =========== American LaFrance, LLC Estimated Inventory As of December 31, 2007 Summerville: Raw Materials $24,600,000 WIP 42,600,000 FGI/Demo 1,300,000 ----------- Total Summerville $67,900,000 PDC 5,800,000 Sanford -- All Raw Materials $3,300,000 Sanford WIP 1,800,000 Hamburg -- All Raw Materials 400,000 Hamburg WIP 2,100,000 Ephrata -- Total 6,300,000 Estimated Used and Demo 3,000,000 Estimated E&O Reserve (3,100,000) ------------ Total Inventory $87,500,000 ============ American LaFrance, LLC Cash Receipts and Disbursements For the Period from Jan. 28 to Feb. 29, 2008 Beginning Cash Book Balance $6,470,532 (excluding Restricted Cash) Receipts: Accounts Receivable 4,740,693 Borrowing Under DIP Facility 5,000,000 ---------- Total Receipts $9,740,693 ---------- Disbursements: Admin $150,478 Out-bound freight 69,493 Taxes 2,300 Employee Expense 9,957 Equipment Rental 114,046 Insurance 313,702 Marketing 88,786 Occupancy 433,526 Payroll 2,327,298 Employee Benefits & Contractors 1,065,242 Audit/Tax 900 Supplies 51,175 Travel 0 Utilities 20,680 Inventory & Material 4,429,293 Utility Deposits 102,794 PPMG 0 DIP Interest 0 A -- Professional Fee Escrow 1,075,000 B -- Payments on Prepetition Debt 4,740,693 ----------- Total Disbursements $14,995,362 ----------- Net Cash Flow $(5,254,669) ----------- Ending Cash Book Balance $1,215,863 =========== 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 Official Committee of Unsecured Creditors is represented by Pepper Hamilton LLP. The Debtor's exclusive period to file a plan expires on May 27, 2008. The Debtor filed its plan of reorganization on February 3, the confirmation hearing of which is set for April 18, 2008. (American LaFrance Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Earns $23,099,000 in Month Ended February 29 -------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of February 29, 2008 ASSETS Current Assets: Cash $935,710,000 Restricted Cash 25,368,000 Accounts receivable, net 177,246,000 Inventory 320,428,000 Prepaid expenses 4,842,000 Other current assets 10,095,000 --------------- Total Current Assets 1,473,689,000 Net property, plant and equipment 476,264,000 Other Assets Investments in subs 100,719,000 Advances to affiliates 439,000 Prepaid pension & retirement plan 0 Non-current deferred tax asset 40,951,000 Other 96,828,000 --------------- Total assets $2,188,891,000 =============== LIABILITIES Postpetition liabilities: Accounts payable $68,087,000 Accrued liabilities 576,238,000 Debtor-in-possession financing 0 --------------- Total postpetition liabilities 644,325,000 Prepetition liabilities: Not subject to compromise - credit 3670,000 Not subject to compromise - other 130,981,000 Advances from affiliates 24,066,000 Subject to compromise 1,689,744,000 --------------- Total prepetition liabilities 1,848,462,000 --------------- Total liabilities $2,492,787,000 --------------- OWNERS' EQUITY (DEFICIT) Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive income (26,4182,000) Retained earnings: filing date (1,591,978,000) --------------- Total prepetition owners' equity (1,243,258,000) Retained earnings: post-filing date 939,362,000 --------------- Total owners' equity (net worth) (303,897,000) Total liabilities and owners' equity $2,188,891,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended February 29, 2008 Sales $159,088,000 Cost of products and services 117,311,000 --------------- Gross profit 41,778,000 Operating expenses: Selling and general & admin expenses 3,321,000 Depreciation & amortization 2,940,000 Provision accretion expense of asset retirement obligation 441,000 --------------- Operating income 35,076,000 Interest expense 25,000 Interest income (2,243,000) Reorganization expenses 5,901,000 Other miscellaneous (income) expenses (6,630,000) --------------- Income (loss) before taxes 38,023,000 Income taxes 14,924,000 --------------- Net income (loss) $23,099,000 =============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended February 29, 2008 Receipts $153,728,000 Disbursements: Inventory material 58,161,000 Operating disbursements 50,488,000 Capital expenditures 13,732,000 --------------- Total disbursements 122,381,000 Operating cash flow 31,346,000 Reorganization disbursements 3,607,000 --------------- Net cash flow 27,740,000 Net payments to secured Lenders 0 --------------- Net change in cash 27,740,000 Beginning cash balance 933,338,000 --------------- Ending cash balances $961,078,000 =============== 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. 69; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BLUE WATER: Discloses $85,049,531 in Total Scheduled Assets ----------------------------------------------------------- Blue Water Automotive Systems Inc. submitted its schedules of assets and liabilities with the United States Bankruptcy Court Eastern District of Michigan, disclosing: A. Real Property Administrative Office Building $1,525,000 Busha Highway Plant 567,000 Marysville Building 225,000 Administrative Office Land 180,000 Busha Highway Plant Land 63,000 Marysville Land 25,000 B. Personal Property B.1 Cash on hand 6,750 B.2 Deposits LaSalle Bank Midwest NA (493,348) LaSalle Bank Midwest NA 47,965 Comerica 1,766 B.3 Security Deposits Blue Cross Blue Shield 208,002 General Electric Capital Corp. 208,120 General Electric Capital Corp. 208,120 RL Enterprises Real Property Taxes 98,528 RL Enterprises, LLC 53,906 Delta Dental 47,175 Principal Life 24,900 North Winds Investment Corp. 2,584 B.4 Household goods and furnishings, including audio, video, and computer equipment -- B.5 Books, pictures and other art objects, etc. None B.6 Wearing apparel None B.7 Furs and jewelry None B.8 Firearms and sports, photographic, and other hobby equipment None B.9 Interests in insurance policies No cash value B.10 Annuities None B.11 Interests in an education IRA as defined in 26 U.S.C. Section 530(b)(1) None B.12 Interests in IRA, ERISA, Keogh, or other pension or profit sharing plans None B.13 Stock and interests in businesses Unknown B.14 Interests in partnerships or joint ventures. 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Trade Receivable Ford Motor Company 5,486,642 General Motors Corporation 2,356,090 Integram 1,425,281 Chrysler LLC 1,898,923 Automotive Components Holdings, LLC 1,649,893 Air International, Inc. 1,112,075 Mercedes Benz USA 698,375 Dakkota Integrated Systems 503,339 Johnson Controls 417,142 Lear Corporation 400,950 Excelsior Springs Seating Systems 268,163 Tooling Receivables Ford Motor Company 3,024,730 Johnson Controls Inc 703,465 Chrysler LLC 583,080 Intercompany Receivable 12,003,232 Others 9,620,868 B.17 Alimony, maintenance, support, and property settlements debtor is entitled to None B.18 Other liquidated debts including tax refunds Michigan UAI Refund 100,128 US Dept of Treasury 40,777 US Dept of Treasury PEHBT 2,130 B.19 Equitable or future interests, life estates, and rights or powers exercisable for the debtor's benefit None B.20 Contingent and noncontingent interests in estate of a decedent, death benefits plan, life insurance policy, or trust None B.21 Other contingent and unliquidated claims None B.22 Patents, copyrights, and other intellectual property Rotary Stack of Injection Molding Unknown Patent No. 6210266 Unknown Patent No. 6026852 Unknown B.23 Licenses, franchises, and other general intangibles Undetermined B.24 Customer lists or other compilations None B.25 Automobiles and other vehicles and accessories Dodge Van 4,011 Chevrolet Truck 2,557 Used Stake Truck 1,209 Dodge Pickup Truck 550 GMC Sierra 333 Ford Stake Truck 187 GMC Sierra 125 Dodge Truck 125 B.26 Boats, motors, and accessories None B.27 Aircraft and accessories None B.28 Office equipment, furnishings, and supplies Computer equipment and software 365,504 Marysville Admin. Office Furnitures & Fixtures 95,703 Howell Plant Furniture & Fixtures 24,179 Port Huron Plant Furniture & Fixture 21,358 Burlington Plant Furniture & Fixtures 12,840 Haas Plant Furniture & Fixtures 6,702 Range Road Plant Furniture & Fixtures 802 B.29 Machinery, fixtures, equipment and supplies Haas Plant Machinery and Equipment 6,908,481 Howell Plant Machinery and Equipment 2,829,973 Range Road Plant Machinery and Equipment 2,141,088 Burlington Plant Machinery and Equipment 2,174,356 Howell Plant Returnable Containers 1,637,098 Caro Plant Machinery and Equipment 849,818 Haas Custom Equipment/Tooling 289,850 Others 7,197,237 B.30 Inventory Whiting - Raw Material & Work in Progress 1,128,892 Range - Raw Material & Work in Progress 1,043,003 Port Huron- Raw Material & Work in Progress 948,092 Range - Finished Goods 890,589 Haas Raw Material & Work in Progress 845,516 Howell Raw Material 817,924 Burlington Raw Material 782,673 Port Huron - Finished Goods 721,960 Others 3,305,715 B.31 Animals None B.32 Crops - growing or harvested None B.33 Farming equipment and implements None B.34 Farms supplies, chemicals, and feed None B.35 Other personal property Molds in Process 4,706,303 TOTAL SCHEDULED ASSETS $85,049,531 ========================================================== D. Creditors Holding Secured Claims Secured Creditors CIT Capital USA Inc. $14,981,372 CIT Group/Business Credit 17,560,463 CIT Group/Equipment Financing Inc. 14,460,230 KPS Special Situations Fund II L.P. 5,000,000 Microsoft Financing 216,048 Lease Payments 465,127 Molding/Tooling Contracts Unknown E. Creditors Holding Unsecured Claims State of Michigan 100,000 City of St. Clair 86,475 Ohio Commercial Activity Tax 40,000 Indianfields 35,788 Lexington Township 29,585 Howell Township 28,980 City of Marysville 20,936 Alamance County 6,277 City of Port Huron 5,983 F. Creditors Holding NonPriority Claims Trade Claim PolyOne Distribution 1,657,245 Basic Tool Inc. 1,455,300 RheTech Inc. 1,371,086 Crest Mold Technology Inc. 1,255,660 Sentech On-Site Services 1,167,043 DTE Energy 1,063,232 Active Burgess Mold 885,163 PME Companies 726,341 Wellman Inc. 598,239 Sundance Products Inc. 567,950 Infor Global Solutions 530,349 Qualified Staffing 435,073 Innovene O&D USA LLC 424,751 Plastomer Corporation 422,943 American Autocoat Inc. 382,427 Spartech/Resin Express Distributors 387,632 Superior Mold Services 346,465 D & N Die & Mold Inc. 341,957 Milacron Marketing Company 296,840 Romeo Mold Technologies Inc. 294,500 Stephenson Electric Co Inc. 277,030 Packaging Corp of America 228,256 Cooper-Standard Automotive 224,104 Mold-Tech Standex Engraving Group 222,550 ENTEC Engineered Resin, Inc. 220,682 Unique Fabricating Inc. 217,931 Rennco Automation Systems Inc. 212,800 Complete Prototype Services 203,388 Uniform Color Company 199,181 R & W Metal Inc. 171,411 Aphagary Canada LTD 170,197 Valley Crane & Rigging 170,000 Borgers USA Corp 165,422 Talma Fastener Corp. 163,863 Ticona 161,285 Radiance Mold & Engineering Inc. 150,333 Applied Technologies and Resources 147,227 Intrax Performance Resources 136,218 Delta Dental Plan 132,340 Diemould Tooling Services 130,560 Sundance Products Inc. 129,162 BodyCote Materials Testing 127,691 Entropex 125,179 Phoenix Machinery Movers 124,630 Three 60 Productions 118,456 Advanced Elastomer Systems 117,656 ARD Logistics- Alabama 114,309 Metzeler/Maps Holding Inc. 114,111 City of St. Clair 113,599 Advance Molds 112,800 Marshall E. Campbell Co. 110,073 Superior Tool & Mold Inc 106,155 Kanematsu USA Inc. 100,320 Pratt Industries 100,710 Paragon Die & Engineering Co. 100,062 State of Michigan 100,550 Rapid Global Business Solutions 99,591 Synergia Automotive 94,513 Jo-Ad Industries 94,446 HS Die & Engineering Inc. 93,350 Tinnerman Palnut 93,315 Park Nameplate Company Inc 92,398 Henkelorbseal 88,621 Sturges Manufacturing Company Inc. 85,988 World Corrugated Container Inc. 85,469 Positive Quality Solutions, Inc. 84,596 Washington Penn Plastics Co Inc. 84,351 St. Clair Packaging Inc. 84,055 HP Pelzer Auto Systems Inc. 83,334 Costello Enterprises 75,140 Standard Components, Inc. 74,525 Twin Corporation 69,637 Blue Water Lift Truck Service 69,249 The Materials Group LLC 69,239 Tool Plas Systems Inc. 69,045 TRW Automotive Electronics 68,778 PolyOne Color 64,229 GT Industries Inc. 63,573 Conair Group Inc. 62,729 Vidon Plastics, Inc. 60,319 Trans-Man Logistics, Inc. 57,527 CNI Inc. 53,550 Fanuc Products LLC 51,149 Oracle Corporation 50,688 Precision Stamping 50,542 Nova Chemicals Inc 50,344 Eteron Inc. 45,612 Michigan petroleum Tech Inc. 42,911 Termax Corp 40,010 Others 11,207,394 Intercompany Payable Blue Water Automotive Systems Inc. 14,219 A list of all Non-Priority Creditors is available for free at: http://bankrupt.com/misc/bluewater_scheduleF.pdf TOTAL LIABILITIES $86,473,112 ========================================================== About Blue Water Automotive Blue Water Automotive Systems, Inc. designs and manufactures engineered thermoplastic components and assemblies for the automotive industry. The company's product categories include airflow management, full interior trim/sub-systems, functional plastic components, and value-added assemblies. They are supported by full-service design, program management, manufacturing and tooling capabilities. With more than 1,400 employees, Blue Water operates eight manufacturing and product development facilities and has annual revenues of approximately US$200 million. The company's headquarters and technology center is located in Marysville, Mich. The company has operations in Mexico. In 2005, KPS Special Situations Fund II, L.P., and KPS Special Situations Fund II(A), L.P., acquired Blue Water Automotive through a stock purchase transaction. In 2006, the company acquired the automotive assets and operations of Injectronics, Inc., a manufacturer of thermoplastic injection molded components and assemblies. KPS then set about reorganizing the company. The company implemented a program to improve operating performance and address its liquidity issues. During 2007, the company replaced senior management, closed two facilities, and reduced overhead spending by one third. Blue Water Automotive and four affiliates filed for chapter 11 bankruptcy protection Feb. 12, 2008 (Bankr. E.D. Mich. Case No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel. Administar Services Group LLC acts as the Debtors' claims, noticing, and balloting agent. Blue Water's bankruptcy petition lists assets and liabilities each in the range of US$100 million to US$500 million. (Blue Water Automotive Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELTA FINANCIAL: Files Operating Report for February 2008 --------------------------------------------------------- Richard Blass, executive vice president of Delta Financial Corporation, delivered to the Court the Debtors' monthly operating report for the period February 1 to 29, 2008, which includes schedules of: (a) cash receipts and disbursements, (b) bank reconciliation, and (c) professionals fees paid. A full-text copy of the February 2008 MOR is available for free at http://bankrupt.com/misc/DFCFebruaryReport.pdf Mr. Blass disclosed that the bank accounts maintained by the Debtors have cash balances at the end of Feb. 29, 2008: Debtor Cash Balance ------ ------------ Delta Funding Corporation $2,933,661 Delta Financial Corporation 54,406 Renaissance R.E.I.T. Investment Corp. 33,699 Fidelity Mortgage (60,162) Mr. Blass said the Debtors will provide a statement of operations; a summary of unpaid postpetition debts and accounts payable and accounts receivable; and a balance sheet as of February 29, 2008, after completion of the closing of the Debtors' books for month of February. About Delta Financial Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) -- http://www.deltafinancial.com/-- is a Woodbury, New York-based specialty consumer finance company that originates, securitizes and sells non-conforming mortgage loans. The company filed a chapter 11 petition on December 17, 2007 (Bankr. D. Del. Lead Case No. 07-11880). On the same day, three affiliates filed separate chapter 11 petitions -- Delta Funding Corp., Renaissance Mortgage Acceptance Corp., and Renaissance R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to 07-11883). The Debtors selected Morrison & Foerster LLP as their general bankruptcy counsel and David B. Stratton, Esq. and James C. Carignan, Esq. at Pepper Hamilton LLP as their counsel. The Debtors hired AlixPartners LLP as their claims agent. The Debtors' amended consolidated quarterly financial condition as of Sept. 30, 2007, showed $7,223,528,000 in total assets and $7,108,232,000 in total liabilities. The Debtors' petition listed D.B. Structured Products Inc. as their largest unsecured creditor holding a $19,500,000 claim. The Debtors' exclusive period to file a plan expires on April 15, 2008. (Delta Financial Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.http://bankrupt.com/newsstand/or 215/945-7000). DUNMORE HOMES: Posts February 2008 Net Loss of $905,976 ------------------------------------------------------- Dunmore Home, Inc. Balance Sheet As of February 29, 2008 ASSETS Current Assets: Cash and cash equivalents - unrestricted $3,448,420 Cash and cash equivalents - restricted 350,000 Accounts receivable, net 598,111 ----------- Total current assets 4,396,531 Property and Equipment: Real property 0 Machinery & equipment 0 Furniture & fixtures 494,090 Office equipment 134,856 Leasehold improvements 0 Vehicles 15,506 ----------- Total Property and Equipment 644,452 Other Assets: Loans to shareholders 11,369,342 Deferred compensation funds 0 Other various 884,815 Investment in subs 6,168,071 ----------- Total Other Assets 18,422,228 ----------- Total Assets $23,463,211 =========== LIABILITIES & SHAREHOLDERS' DEFICIT Postpetition Liabilities: Salaries & wages $52,606 Accounts payable (trade) 23,975 Accrued professional fees 997,740 Current portion of long-term debt 0 ----------- Total postpetition liabilities 1,074,321 Prepetition Liabilities: Secured claims 0 Priority unsecured claims 213,938 General unsecured claims 27,131,281 ----------- Total prepetition liabilities 27,345,219 Total liabilities $28,419,540 ----------- Shareholders' deficit: Retained earnings ($1,147,744) Capital stock 25,000 Additional paid-in capital 0 Cumulative profit (3,833,585) ----------- Total deficit ($4,956,329) ----------- Total liabilities and shareholders' deficit $23,463,211 =========== Dunmore Home, Inc. Statement of Operations for the month ended February 29, 2008 Revenues: Rental/Leases $7,740 Interest 410 Other Income 5,574 ----------- Total revenues 13,724 Expenses: Administrative 30,107 Interest 22,500 Compensation to Owner/Officer 104,606 Salaries 37,721 Real Property (130,162) Insurance 11,893 Depreciation 0 Employer Payroll Taxes 9,914 Other Expenses 298 Legal & Loan Fees JMP paid by Mr. Dunmore 0 ----------- Total expenses 86,877 ----------- Earnings before reorganization & income tax (73,153) Reorganization items: Professional fees (832,823) ----------- Loss before income tax & discontinued operations (905,976) ----------- Income tax benefit - Loss before discontinued operations - ----------- Discontinued operations: Loss from discontinued operations - ----------- Net loss ($905,976) =========== Dunmore Home, Inc. Cash Flow for the period ended February 29, 2008 Cash Receipts: Cash from sale $0 Rent & service fee income from Dunmore Land Co. 6,725 Other cash receipts 70,071 ----------- Total cash receipts 76,796 Cash disbursements: Administrative 46,099 Salaries 76,517 Commissions/Royalties 14,000 Salaries/Commissions (less employee withholding) 50,166 Employer payroll taxes 9,914 Consulting fees 11,568 Other 289 Warranty work 1,333 Legal & professional fees 617,741 ----------- Total cash disbursements 827,627 Net decrease in cash (750,831) Cash balance, beginning of period 4,198,575 ----------- Cash balance, end of period $3,447,744 =========== About Dunmore Homes Based in Granite Bay, California, Dunmore Homes Inc. is a privately-owned homebuilder. The company filed for Chapter 11 protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533). Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtor in its restructuring efforts. The Official Committee of Unsecured Creditors has selected Morrison & Foerster LLP as its counsel in this bankruptcy proceeding. In January 2008, the U.S. Bankruptcy Court for the Southern District of New York ordered the transfer of Debtor's Chapter 11 case to the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division. The Debtor has filed a plan of liquidation and accompanying disclosure statement on March 21, 2008. (Dunmore Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDDERS CORPORATION: Files January 2008 Monthly Operating Report ---------------------------------------------------------------- Fedders Corporation and its debtor-affiliates submitted to the United States Bankruptcy Court for the District of Delaware their January 2008 monthly operating report. The Debtors generated total net sale of $7,758,000 and incurred a net loss of $18,691,000 for the month ending Jan. 31, 2008. As of Jan. 31, 2008, the Debtors' consolidated balance sheet showed total assets of $130,279,000, total liabilities of $338,211,000, and total stockholders' deficit of $207,932,000. A full-text copy of the Debtors' January 2008 operating report is available for free at: http://ResearchArchives.com/t/s?29b0 About Fedders Corporation Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/-- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul, Ewing, Remick & Saul LLP, represent the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors is represented by Brown Rudnick Berlack Israels LLP. When the Debtors filed for protection from its creditors, it listed total assets of $186,300,000 and total debts of $322,000,000. * * * As reported in the Troubled Company Reporter on March 4, 2008, the Debtors asked the Court to further extend their exclusive period to file a Chapter 11 plan until April 14, 2008. KUSHNER-LOCKE: Files October 2007 Monthly Operating Report ---------------------------------------------------------- The Kushner-Locke Company and its debtor-affiliates filed their monthly operating report for the period Oct. 1, 2007, through Oct. 31, 2007, with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. For the month ending Oct. 31, 2007, The Kushner-Locke Company's Profit & Loss Statement shows: Gross Profit $0 Total Operating Expenses $58,799 Total Non-Operating Expenses $0 Net Income (Loss) ($58,799) The Kushner-Locke Company also filed its cash receipts and disbursements report for the period from Oct. 1, 2007, through Oct. 31, 2007. Full-text copies of The Kushner-Locke Company's October 2007 Monthly Operating Reports are available at no charge at: Profit & Loss Statement: http://ResearchArchives.com/t/s?29b1 Cash Receipts and Disbursements Report: http://ResearchArchives.com/t/s?29b2 Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. KUSHNER-LOCKE: Files November 2007 Monthly Operating Report ----------------------------------------------------------- The Kushner-Locke Company and its debtor-affiliates filed their monthly operating report for the period Nov. 1, 2007, through Nov. 30, 2007, with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. For the month ending Nov. 30, 2007, The Kushner-Locke Company's Profit & Loss Statement shows: Gross Profit $0 Total Operating Expenses $100,226 Total Non-Operating Expenses $21,174 Net Income (Loss) ($121,400) The Kushner-Locke Company also filed its cash receipts and disbursements report for the period from Nov. 1, 2007, through Nov. 30, 2007. Full-text copies of The Kushner-Locke Company's November 2007 Monthly Operating Reports are available at no charge at: Profit & Loss Statement: http://ResearchArchives.com/t/s?29b4 Cash Receipts and Disbursements Report: http://ResearchArchives.com/t/s?29b3 Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. KUSHNER-LOCKE: Files December 2007 Monthly Operating Report ----------------------------------------------------------- The Kushner-Locke Company and its debtor-affiliates filed their monthly operating report for the period Dec. 1, 2007, through Dec. 31, 2007, with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. For the month ending Dec. 31, 2007, The Kushner-Locke Company's Profit & Loss Statement shows: Gross Profit $0 Total Operating Expenses $75,502 Total Non-Operating Expenses $15,444 Net Income (Loss) ($90,947) The Kushner-Locke Company also filed its cash receipts and disbursements report for the period from Dec. 1, 2007, through Dec. 31, 2007. Full-text copies of The Kushner-Locke Company's December 2007 Monthly Operating Reports are available at no charge at: Profit & Loss Statement: http://ResearchArchives.com/t/s?29b6 Cash Receipts and Disbursements Report: http://ResearchArchives.com/t/s?29b5 Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. KUSHNER-LOCKE: Files January 2008 Monthly Operating Report ---------------------------------------------------------- The Kushner-Locke Company and its debtor-affiliates filed their monthly operating report for the period Jan. 1, 2008, through Jan. 31, 2008, with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. For the month ending Jan. 31, 2008, The Kushner-Locke Company's Profit & Loss Statement shows: Gross Profit $0 Total Operating Expenses $54,230 Total Non-Operating Expenses $65,281 Net Income (Loss) ($119,511) The Kushner-Locke Company also filed its cash receipts and disbursements report for the period from Jan. 1, 2008, through Jan. 31, 2008. Full-text copies of The Kushner-Locke Company's January 2008 Monthly Operating Reports are available at no charge at: Profit & Loss Statement: http://ResearchArchives.com/t/s?29b8 Cash Receipts and Disbursements Report: http://ResearchArchives.com/t/s?29b7 Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The Company, along with its debtor-affiliates filed for chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. LEVITT AND SONS: Amends December 2007 Operating Report ------------------------------------------------------ Levitt & Sons, LLC, filed an amendment of its monthly financial report for the period December 1 to 31, 2007, with respect solely to Attachment 3 in accordance with the Guidelines established by the United States Trustee and FRBP 2015. A full-text copy of the amendment is available for free at: http://bankrupt.com/misc/LAS_Amendment2DecMOR.pdf 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 are seeking to extend their exclusive period to file a plan of reorganization to April 10, 2008. (Levitt and Sons Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) LEVITT AND SONS: Amends January 2008 Operating Report ----------------------------------------------------- Levitt & Sons, LLC, filed an amendment to its monthly financial reports for the period of January 1 to 31, 2008, solely as to Attachment 3 in accordance with the Guidelines established by the United States Trustee and FRBP 2015. A full-text copy of the amendment is available for free at: http://bankrupt.com/misc/LAS_AmendmentJanMOR.pdf 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 are seeking to extend their exclusive period to file a plan of reorganization to April 10, 2008. (Levitt and Sons Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) LEVITT AND SONS: Amends February 2008 Operating Report ------------------------------------------------------ Levitt & Sons, LLC Monthly Financial Report for Business For the Period February 1 - 29, 2008 Cash, beginning of period $3,596,228 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 631,300 -------------- Total receipts 631,300 Total cash available for operations 4,227,528 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 104,298 Payroll taxes paid 58,062 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 37,547 Travel & entertainment 1,663 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 329,340 -------------- Total cash disbursements 530,911 -------------- Ending Cash Balance $3,696,617 ============== 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 are seeking to extend their exclusive period to file a plan of reorganization to April 10, 2008. (Levitt and Sons Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) NETBANK INC: Files Monthly Operating Report for February 2008 ------------------------------------------------------------- NetBank Inc. United States Bankruptcy Court for the Middle District of Florida its monthly unaudited operating report for the period Feb. 1, 2008, through Feb. 29, 2008. The Debtor's fund at the beginning of the month was $6,360,853, total receipts were $6,588,006, total disbursements were $322,643, and ending balance was $6,265,363. A full-text copy of the company's monthly operating report for February 2008 is available for free at http://ResearchArchives.com/t/s?29af 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. NetBank Inc. 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: Submits February 2008 Monthly Operating Report ------------------------------------------------------------- Neumann Homes, Inc., et al. Receipts and Disbursements Month Ended February 29, 2008 Beginning Balance in All Accounts: Neumann Citibank Operating Account & old BofA Operating Account $471,221 Neumann Bank of America - old accounts - Neumann Citibank - Customer Earnest 16,236 Money Account Neumann Citibank - Funding/Dip Account 12,944 Neumann Citibank - Dip Funding - Professional Acct Restricted - Neumann Homes Flex Spending 5,170 Restricted - Neumann Citibank - Glen at 1,219 Lakemoor EM Account Restricted - Neumann Citibank - Clublands 155,367 Antioch Clubhouse Restricted - IndyMac Escrow Account - 111,925 NeuVillage Restricted - Chicago Title Escrow Account - 166,313 Closed Homes Restricted - Chicago Title Escrow Account - 1,471,949 Lender Funded Restricted - Citibank - Worker Comp Escrow 9,730 Restricted - Land Title Guarantee Escrow 360,318 ---------- $2,782,392 ---------- Receipts: Operations- Operating Account 338,765 Operations - Customer Earnest Money Account-Ckg 14,249 Operations - Customer Earnest Money Account-MM - Funding/Dip Account 101,935 Glen at Lakemoor EM account 1 Clublands Antioch Clubhouse account 291 Dip Funding - Professional Account - Flex Spending - Restricted Escrow held by CTT-Lender Funding (94,802) IndyMac Escrow for L/C-Leona's Neu Village 13,684 Flex Spending - Restricted Escrow held by CTT-(closings) 44,798 Other Receipts - ---------- $418,922 ---------- Disbursements: Net Payroll: Officers (13,620) Others (58,324) ---------- (71,944) Taxes: Federal Income Tax Withholding (14,925) FICA/Medicare Withholdings EE (7,431) Employer's FICA/Medicare ER (7,431) Federal Unemployment Taxes ER (183) State Income Tax Withholding (2,767) Garnishments - State Unemployment Taxes ER (2,635) ---------- (35,371) Necessary expenses: Rent or mortgage payment(s) (37,804) Utilities & phones (1,041) Insurance (27,777) Merchandise/services bought for (152) manufacture or sale - Other: Payroll Services (1,514) Benefit Related including flex spending (10,901) Bank Fees - Postage (90) Earnest Money Refunds (30,485) House Trades - Other - Transfer (26,179) Cleaning (1,250) Transportation (4,625) Consulting Services (21,275) US Trustee Fees - Legal - Professional Fees (263,709) Professional Tax Service Fees (12,000) Payroll Tax Adjustment from Prior Qtr (2,165) ---------- (440,967) Total Disbursements: (548,282) ---------- Net Receipts (Disbursements) for the (129,360) Current period ---------- Ending Balance in All Accounts $2,653,032 ========== 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. The Debtors exclusive plan filing period expires on July 31, 2008. (Neumann Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) NEW CENTURY: Incurs $7,401,935 Net Loss in Month Ended Jan. 31 -------------------------------------------------------------- New Century Financial Corp. and Affiliates Consolidated Balance Sheet As of January 31, 2008 Assets Current Assets: Unrestricted Cash and Equivalents $73,335,384 Restricted Cash and Equivalents 11,593,293 Accounts Receivable, Net 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 456,671 Professional Retainers 0 Other Current Assets 31,342,426 -------------- Total Current Assets 116,727,774 -------------- Property and Equipment 7,997,413 Other Assets 321,678,446 -------------- Total Assets $446,403,633 ============== Liabilities and Owners' Equity Liabilities Not Subject to Compromise: Accounts Payable $0 Professional Fees 24,148,186 Liabilities Subject to Compromise: Secured Debt 220,643,581 Priority Debt 11,323,226 Unsecured Debt 1,041,917,064 -------------- Total Liabilities 1,298,032,057 -------------- Owner Equity: Capital Stock 4,530,047 Additional Paid-in Capital 2,170,845,310 Partners' Capital Account 0 Owners' Equity Account 0 Retained Earnings - Prepetition (1,083,442,469) Retained Earnings - Postpetition (1,943,561,312) Adjustments to Owner Equity 0 Postpetition Contributions 0 -------------- Net owner Equity (851,628,424) -------------- Total Liabilities and Owners' Equity $446,403,633 ============== New Century Financial Corp. and Affiliates Consolidated Statement of Operations Month Ended January 31, 2008 Revenues $14,581 Cost of Goods Sold 0 Operating Expenses: Employee Benefits Programs 8,585 Insurance (2,083) Office Expense 140,976 Rent and Lease Expense 30,404 Salaries, Commissions, & Fees 637,650 Travel and Entertainment 2,488 Other 690,251 Depreciation, Depletion & Amortization 183,421 -------------- Net Loss before Other Income & Expenses ($1,677,111) Other Expense 0 Reorganization Items Professional Fees 5,923,985 Interest Earned for Accumulated Cash (199,161) Total Reorganization Expenses 5,724,824 Income Taxes 0 -------------- Net Profit (Loss) ($7,401,935) ============== New Century Financial Corp. and Affiliates Schedule of Cash Receipts and Disbursements Month Ended January 31, 2008 Cash, Beginning of month $91,176,880 Total Receipts 4,4822704 Total Disbursements (10,730,473) -------------- Net Cash Flow (6,248,203) -------------- Cash, End of month $84,928,677 ============== About New Century Founded in 1995, Irvine, Calif.-based New Century Financial Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real estate investment trust, providing mortgage products to borrowers nationwide through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. The company offers a broad range of mortgage products designed to meet the needs of all borrowers. The company and its debtor-affiliates filed for Chapter 11 protection on April 2, 2007 (Bankr. D. Del. Lead Case No. 07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins, Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. The Official Committee of Unsecured Creditors selected Hahn & Hessen as its bankruptcy counsel and Blank Rome LLP as its co-counsel. When the Debtors filed for bankruptcy, they listed total assets of $36,276,815 and total debts of $102,503,950. The confirmation hearing on the Debtor's plan will begin on April 24, 2008. (New Century Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SIRVA INC: Files Schedules of Assets and Liabilities ---------------------------------------------------- A. Real Property $0 B. Personal Property B.13 Stock and Interests 595,710,800 B.35 Other Personal Property Prepaid Insurance 2,196,632 TOTAL SCHEDULED ASSETS $597,907,432 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims JPMorgan Chase Bank 486,380,075 Toyota Motor Credit Corp. Undetermined E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Accounts Payable 99,084,726 Accrued Expenses/Other Current Debts 32,427,427 Accrued Purchased Transportation Expense 54,394,273 Cargo and Loss Claim Accrual 24,735,033 Other Long-Term and Lease Impairment Claims 7,361,111 TOTAL SCHEDULED LIABILITIES $704,382,645 ========================================================= About Sirva Inc. Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets : SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation solutions to a well-established and diverse customer base. The company handles all aspects of relocation, including home purchase and home sale services, household goods moving, mortgage services and home closing and settlement services. SIRVA conducts more than 300,000 relocations per year, transferring corporate and government employees along with individual consumers. SIRVA's brands include Allied, Allied International, Allied Pickfords, Allied Special Products, DJK Residential, Global, northAmerican, northAmerican International, Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA Settlement. The company has operations in Costa Rica. The company and 61 of its affiliates filed separate petitions for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis, L.L.P. is representing the Debtor. An official Committee of Unsecured Creditors has been appointed in this case. When the Debtors filed for bankruptcy, it reported total assets of US$924,457,299 and total debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007. The combined hearing on the adequacy of the disclosure statement and the confirmation of the Debtors' proposed Plan of Reorganization is set April 18, 2008. (Sirva Inc. Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). SIRVA INC: DJK Residential Files Schedules of Assets and Debts -------------------------------------------------------------- DJK Residential LLC', debtor-affiliate SIRVA Inc., 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 0 B.2 Bank Accounts Citibank, New York 258,771 B.3 Security Deposit 0 B.4 Household goods Not applicable B.5 Book, artwork and collectibles Not applicable B.6 Wearing apparel Not applicable B.7 Furs and jewelry Not applicable B.8 Firearms and other equipment Not applicable B.9 Insurance Policies 0 B.10 Annuities Not applicable B.11 Interests in an education IRA Not applicable B.12 Interests in pension plans 0 B.13 Stock and Interests 0 B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds Not applicable B.16 Accounts Receivable A/R Customer 573,832 A/R Expense Mgmt Pass Through 100,456 Res Uncoll Customer A/R (68,706) B.17 Alimony Not applicable B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests Not applicable B.20 Interests in estate death benefit plan Not applicable 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 Not applicable B.25 Vehicles 0 B.26 Boats, motors and accessories Not applicable B.27 Aircraft and accessories Not applicable B.28 Office Equipment 0 B.29 Equipment and Supplies for Business 0 B.30 Inventory 0 B.31 Animals Not applicable B.32 Crops Not applicable B.33 Farming equipment and implements Not applicable B.34 Farm supplies, chemicals and feed Not applicable B.35 Other Personal Property Prepaid Other Expense 29,720 TOTAL SCHEDULED ASSETS $894,073 ======================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims JPMorgan Chase Bank as Administrative Agent 486,380,075 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Contingent Claim 37,932 Bise, Heather 3,723 Bloomstein, Marcy 2,808 Bogante, Lawrence 25,104 Dwinell, Colleen 29,941 Elite Limousine 2,642 Elite Service Group 1,468 Federal Express 712 Fica, Pamela 2,032 Fiorino, Barbara Jo 1,341 GE Mastercard 7,971 Hepinstall, Dwight 1,484 ID Management 780 Kossek, Maria 3,451 Lazarus, Leslie 2,276 Lee, Lynda 4,642 Matt May Corp., The 13,120 New York Times 11,861 NY Times Digital 5,217 Pilar Silva 937 Quinn & Co. 4,693 SFX Group 1,107 Vinci, Josephine 4,750 Yeljenic, Marie 4,698 Others 1,700 TOTAL SCHEDULED LIABILITIES $486,556,465 ======================================================== About Sirva Inc. Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets : SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation solutions to a well-established and diverse customer base. The company handles all aspects of relocation, including home purchase and home sale services, household goods moving, mortgage services and home closing and settlement services. SIRVA conducts more than 300,000 relocations per year, transferring corporate and government employees along with individual consumers. SIRVA's brands include Allied, Allied International, Allied Pickfords, Allied Special Products, DJK Residential, Global, northAmerican, northAmerican International, Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA Settlement. The company has operations in Costa Rica. The company and 61 of its affiliates filed separate petitions for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis, L.L.P. is representing the Debtor. An official Committee of Unsecured Creditors has been appointed in this case. When the Debtors filed for bankruptcy, it reported total assets of US$924,457,299 and total debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007. The combined hearing on the adequacy of the disclosure statement and the confirmation of the Debtors' proposed Plan of Reorganization is set April 18, 2008. (Sirva Inc. Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Posts $7,967,000 Net Loss in Month Ended February 29 --------------------------------------------------------------- TOUSA Inc. Consolidated Detailed Balance Sheet As of February 29, 2008 ASSETS HOMEBUILDING: CASH Unrestricted cash $88,532,000 Restricted cash 7,367,000 Proceeds due from closings 13,353,000 --------------- Total homebuilding 109,252,000 INVENTORY Land 99,919,000 Land interest 0 Land relief 0 Inventory - land banking 40,584,000 Site development 3,978,386,000 Site development relief (3,392,762,000) Finished lots 254,728,000 Land deposits 58,758,000 Land bank option payments 12,397,000 Capitalized indirect costs 16,542,000 Capitalized interest 0 Capitalized real estate taxes 0 CIP direct costs 5,771,654,000 CIP indirect costs 303,949,000 CIP lots 2,120,708,000 CIP capitalized interest 295,930,000 CIP real estate taxes 44,444,000 CIP other (182,267,000) CIP reserve 0 CIP inventory accrual 24,342,000 CIP relief (7,942,701,000) Inventory valuation reserve (192,329,000) --------------- Total inventory 1,312,282,000 INVESTMENTS IN JOINT VENTURES 39,539,000 DUE TO/FROM TOUSA/JOINT VENTURE 9,259,000 PREPAIDS AND OTHER ASSETS Accounts receivable 67,715,000 Vendor rebates receivable 4,075,000 Prepaid commissions-broker 964,000 Prepaid commissions-in-house 2,228,000 Prepaid expenses 23,648,000 Deferred finance costs 54,857,000 Security and other deposits 13,066,000 Other 204,598,000 --------------- Total prepaids and other assets 371,151,000 FIXED ASSETS Building 0 Capitalized software 9,757,000 Equipment 6,941,000 Furniture and fixtures 5,417,000 Leasehold improvements 9,108,000 Model home furniture 26,396,000 Transportation equipment 324,000 Other Assets 1,843,000 Accumulated depreciation (36,998,000) --------------- Total fixed assets 22,788,000 GOODWILL 60,003,000 --------------- Total Homebuilding Assets 1,924,275,000 FINANCIAL SERVICES PHMC unrestricted cash 3,401,000 ULT unrestricted cash 7,366,000 PHMC restricted cash 5,156,000 ULT restricted cash 0 PHMC prepaids & other assets 975,000 ULT prepaids & other assets 1,840,000 PHMC mortgages held for sale 11,921,000 PHMC fixed assets 1,205,000 ULT fixed assets 1,624,000 PHMC goodwill 2,578,000 ULT goodwill 1,328,000 --------------- Total financial services assets 37,393,000 --------------- TOTAL ASSETS $1,961,669,000 =============== LIABILITIES & EQUITY HOMEBUILDING: ACCOUNTS PAYABLE & OTHER LIABILITIES Accounts payable $38,456,000 Inventory accrual 24,342,000 Construction reserve 0 Development reserve 23,770,000 Accrued income taxes 0 Accrued franchise tax 104,000 Accrued salaries 132,000 Accrued bonuses 13,329,000 Accrued vacations 1,962,000 Accrued benefits and taxes 3,464,000 Accrued real estate taxes 17,708,000 Warranty reserve 4,314,000 Litigation reserve 3,069,000 Insurance reserve 12,536,000 Accrued in house commissions 0 Accrued outside brokers commissions 0 Accrued completion costs 11,619,000 Other accrued expenses 177,277,000 Other liabilities 30,523,000 --------------- Total accounts payable and other liabilities 362,605,000 CUSTOMER DEPOSITS 29,325,000 BORROWINGS - land bank 44,509,000 BORROWINGS 1,834,111,000 --------------- Total homebuilding liabilities 2,270,550,000 FINANCIAL SERVICES PHMC A/P & accrued expenses 1,303,000 ULT A/P & accrued expenses 606,000 PHMC accrued commissions and compensation 837,000 ULT accrued commissions and compensation 301,000 ULT escrow payable 0 PHMC borrowings 4,510,000 --------------- Total financial services liabilities 7,556,000 --------------- TOTAL LIABILITIES 2,278,106,000 INTERCOMPANY Homebuilding intercompany (6,781,000) Financial services intercompany 6,898,000 --------------- Total intercompany 117,000 STOCKHOLDERS' EQUITY Preferred stock 89,304,000 Common stock 596,000 Additional paid in capital 486,024,000 Unearned compensation 0 Retained earnings (844,113,000) Other (15,053,000) Current profit (loss) (33,313,000) --------------- Total stockholders' equity (316,554,000) --------------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $1,961,669,000 =============== TOUSA Inc. Consolidated Detailed Income Statement For the Period Jan. 29 to Feb. 29, 2008 Deliveries $337,000 Average sales price 284,000 HOMEBUILDING Home Sales Revenue: Revenue home sales - base house $96,111,000 Revenue home sales - lot premium 2,238,000 Revenue home sales - option/upgrades 13,187,000 Revenue home sales - other 1,089,000 Revenue home sales - incentives (16,956,000) --------------- Total home sales revenue 95,668,000 Home Sales Cost of Sales: COS home sales - land & land interest 24,013,000 COS home sales - material and labor 47,782,000 COS home sales - options/upgrades 7,351,000 COS home sales - indirect construction costs 4,026,000 COS home sales - COS interest 3,049,000 COS home sales - COS real estate taxes 559,000 COS home sales - warranty 725,000 COS home sales - closed homes (2,048,000) COS other (6,544,000) --------------- Total home sales cost of sales 78,913,000 --------------- Total Home Sales Gross Profit 16,755,000 Closing costs 241,000 Commissions in house 1,915,000 Commissions broker 2,596,000 --------------- Total House Profit 12,002,000 Revenue from land sales 140,000 COS land sales 1,927,000 --------------- Total profit from land (1,787,000) --------------- Total Homebuilding Gross Profit 14,968,000 Other Selling & Marketing Expenses: S&M compensation 1,025,000 Model - maintenance 258,000 Model - utilities 81,000 Model - lease expense 674,000 Model - amortized lease gain (14,000) Model - other expenses (33,000) Sales office expenses 193,000 Advertising - newspaper 242,000 Advertising - signage 178,000 Advertising - radio 145,000 Advertising - television 26,000 Advertising - other 293,000 Other S&M expenses 247,000 S&M relief 0 --------------- Total other selling & marketing expenses 3,315,000 --------------- Total operating income 6,900,000 GENERAL & ADMINISTRATIVE EXPENSES G&A salaries 5,599,000 G&A benefits & taxes 968,000 Payroll relief (2,125,000) Office rent 440,000 Equipment rental 54,000 Office & supply expense 103,000 Telephone 23,000 Utilities 11,000 Insurance 331,000 Professional and consulting expenses 75,000 Information technology expenses 75,000 Temporary help 34,000 Travel expenses 35,000 Meals & entertainment 17,000 Repairs & maintenance 29,000 Dues subscriptions seminars 34,000 Contributions 0 Courier and delivery 25,000 Meetings 6,000 Depreciation and amortization 969,000 Other G&A expenses 564,000 --------------- Total G&A expenses 7,270,000 Income/fees from JVS (88,000) Interest expense 7,641,000 Total other (income) expense (181,000) --------------- Homebuilding Pretax Contribution (7,741,000) FINANCIAL SERVICES Revenues: PHMC interest income 82,000 PHMC interest expense (33,000) PHMC investor premium income 487,000 PHMC loan origination income 291,000 PHMC credit app expense (71,000) PHMC gain/loss on secondary market 0 PHMC miscellaneous income 153,000 ULT revenues 1,936,000 PHMC FAS 91 revenue 0 --------------- Total revenues 2,845,000 EXPENSES PHMC compensation and related benefits 874,000 ULT compensation and related benefits 1,071,000 PHMC other G&A 139,000 ULT other G&A 748,000 PHMC depreciation expense 49,000 ULT depreciation expense 73,000 PHMC FAS 91 expense 0 --------------- Total expenses 2,955,000 --------------- Financial Services Pretax Contribution (110,000) INTERCOMPANY CHARGES Corporate charges 0 Other non divisional 117,000 --------------- Total intercompany charges 117,000 --------------- Pretax income (7,967,000) Provision for income taxes: State income taxes 0 Federal income taxes 0 --------------- Total provision for income taxes 0 --------------- NET INCOME ($7,967,000) =============== TOUSA Inc. Schedule of Receipts and Disbursements For the Period Jan. 29 to Feb. 29, 2008 Funds at beginning of period $61,965,691 Receipts: Cash sales 90,847,493 Accounts receivable 0 Other receipts 13,510,290 --------------- Total receipts 104,357,783 --------------- Total funds available for operations 166,323,474 DISBURSEMENTS Advertising 732,103 Bank charges 2,328 Contract labor 21,696 Fixed asset payments 63,081 Insurance 659,358 Inventory payments 37,170,586 Leases 961,734 Manufacturing supplies 0 Office supplies 55,651 Payroll - net 9,109,552 Professional fees (accounting and legal) 229,178 Rent 659,981 Repairs & maintenance 163,849 Secured creditor payments 4,274,270 Taxes paid - payroll 265,209 Taxes paid - sales & use (1,012) Taxes paid - other 435,648 Telephone 21,288 Travel & entertainment 135,174 U.S. trustee quarterly fees 0 Utilities 18,438 Vehicle expenses 26,845 Other operating expenses 2,066,589 --------------- Total disbursements 57,071,546 --------------- Ending Balance $109,251,928 =============== 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 & Balloting Agent. The Official Committee of Unsecured Creditors is represented by Stearns Weaver Weissler Alhadeff & Sitterson PA. The Debtor's exclusive period to file a plan expires on May 28, 2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Amends Schedules to Disclose $55,000 in Receivables -------------------------------------------------------------- TOUSA Inc. amended its Schedules of Assets and Liabilities, to disclose total assets of $2,103,412,931, and total liabilities of $2,087,506. The Debtor reported accounts receivable totaling $55,026; liabilities on unsecured priority claims aggregating $1,132,808; and liabilities on unsecured non-priority claims aggregating $954,698. 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 & Balloting Agent. The Official Committee of Unsecured Creditors is represented by Stearns Weaver Weissler Alhadeff & Sitterson PA. The Debtor's exclusive period to file a plan expires on May 28, 2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Tousa Homes Files Amended Schedules of Assets & Debts ---------------------------------------------------------------- In an amended Schedules of Assets and Liabilities, TOUSA Homes, Inc., reported assets totaling $1,181,056,314, and liabilities totaling $17,449,196. The Debtor disclosed accounts receivable aggregating $106,464,373, from the original value of $106,406,660. The Debtor also disclosed that it has creditors holding unsecured priority claims aggregating $833. 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 & Balloting Agent. The Official Committee of Unsecured Creditors is represented by Stearns Weaver Weissler Alhadeff & Sitterson PA. The Debtor's exclusive period to file a plan expires on May 28, 2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Three Affiliates File Amended Schedules -------------------------------------------------- Three debtor affiliates of TOUSA Inc. amended their reported assets ranging from $100,000,000 to $300,000,000. Debtor Assets Debts ------ ------------ ---------- Newmark Homes, LP $266,929,576 $2,058,130 Newmark Homes, LLC 195,823,329 4,723,129 TOUSA Homes Florida, LP 149,316,999 3,700,219 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 & Balloting Agent. The Official Committee of Unsecured Creditors is represented by Stearns Weaver Weissler Alhadeff & Sitterson PA. The Debtor's exclusive period to file a plan expires on May 28, 2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Eight Affiliates File Amended Schedules -------------------------------------------------- Eight debtor affiliates of TOUSA Inc. amended their reported assets ranging from $0 to $45,000,000: Debtor Assets Debts ------ ----------- ----------- Reflection Key, LLC $8,065,551 $591,299 LB/TE #1, LLC 5,063,168 2,899 Engle Homes Residential Construction 2,440,932 19,470,989 Engle Sierra Verde P5, LLC 2,219,640 109,209 Engle/Gilligan, LLC 733,341 20,447 Engle Sierra Verde P4, LLC 239,938 121,694 TOUSA Homes, LP 33,867 4,930,153 Newmark Homes Purchasing, LP 13,274 1,474,956 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 & Balloting Agent. The Official Committee of Unsecured Creditors is represented by Stearns Weaver Weissler Alhadeff & Sitterson PA. The Debtor's exclusive period to file a plan expires on May 28, 2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Engle Homes Amends Statement of Financial Affairs ------------------------------------------------------------ Engle Homes Residential Construction LLC amended its unaudited Statement of Financial Affairs, a full-text copy of which is available for free at: http://bankrupt.com/misc/TOUSA_AmendedSofa-EngleHomesRC.pdf 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 & Balloting Agent. The Official Committee of Unsecured Creditors is represented by Stearns Weaver Weissler Alhadeff & Sitterson PA. The Debtor's exclusive period to file a plan expires on May 28, 2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). VESTA INSURANCE: Florida Select Files February 2008 Report ---------------------------------------------------------- Florida Select Insurance Agency Inc., a debtor-affiliate of Vesta Insurance Group Inc., filed its monthly operating report for the period ended Feb. 29, 2008. Florida Select Insurance Agency Income Statement Month Ended February 29, 2008 Revenue from Total Sales $0 Less: Cost of Sales 0 ------------ Gross Profit 0 Less: Operating Expenses 0 ------------ Net Profit Operations $0 Non-Operating Income (Expenses) Interest Earned 8,553 Miscellaneous Income 0 ------------- Net Profit (Loss) ($8,553) ============ Florida Select Insurance Agency Schedule of Cash Receipts and Disbursements Month Ended February 29, 2008 Cash On Hand (Beginning) $2,031,355 Cash Receipts: Management Fees 0 Loan Proceeds 0 Sale of Property 0 Interest Earned 8,553 Miscellaneous Income 0 ------------ Total Receipts 8,553 Cash Disbursements: Business Disbursements Form BA-02(B) 0 ------------ Surplus Or Deficit 8,553 ------------ Cash on Hand (End) $2,039,908 ============ About Vesta Insurance Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. In its schedules of assets and liabilities, Vesta listed $14,919,938 in total assets and $214,278,847 in total liabilities. J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that manages the company's numerous insurance subsidiaries and employs the headquarters workers. The company filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represent the Debtor in its restructuring efforts. In its schedules of assets and liabilities, Gaines listed $19,818,094 in total assets and $16,046,237 in total liabilities. On Aug. 1, 2006, the District Court of Travis County, Texas entered an order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. Florida Select Insurance Agency Inc., an affiliate, filed for chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer & Dobbs LLP, represents Florida Select. FSIA's plan of liquidation was confirmed on March 24, 2008. (Vesta Bankruptcy News, Issue No. 35; 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 assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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 http://www.bankrupt.com/books/to order any title today. 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***