T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, April 12, 2008, Vol. 12, No. 87
Headlines
AMERICAN HOME: Delivers December 2007 Monthly Operating Report
AMERICAN HOME: AHMAI Delivers December 2007 Operating Report
AMERICAN HOME: AHMC Delivers December 2007 Operating Report
AMERICAN HOME: AHMHI Delivers December 2007 Operating Report
AMERICAN HOME: AHMSI Delivers December 2007 Operating Report
AMERICAN HOME: AHMV Delivers December 2007 Operating Report
AMERICAN HOME: Great Oak Delivers December 2007 Operating Report
AMERICAN HOME: Homegate Delivers December 2007 Operating Report
KITTY HAWK: Incurs $108,724 Net Loss in January 2008
KITTY HAWK: Incurs $123,990 Net Loss in February 2008
LTV CORP: Files February 2008 Monthly Operating Report
NEWPOWER HOLDINGS: Files Operating Report for Jan. 31 to Feb. 29
PACIFIC LUMBER: Scotia Development Files February 2008 Report
PACIFIC LUMBER: Scotia Pacific Files February 2008 Report
POPE & TALBOT: Submits Operating Report for December 2007
PROPEX INC: Files Schedules of Assets and Debts
PROPEX INC: Propex Concrete Files Schedules of Assets and Debts
PROPEX INC: Propex Fabrics I Files Schedules of Assets and Debts
PROPEX INC: Propex Fabrics II Files Schedules of Assets and Debts
SIRVA INC: Allied Van Files Schedules of Assets and Debts
SIRVA INC: North American Van Files Schedules of Assets and Debts
*********
AMERICAN HOME: Delivers December 2007 Monthly Operating Report
--------------------------------------------------------------
American Home Mortgage Investment Corp. delivered to the U.S.
Bankruptcy Court for the District of Delaware, its December 2007
monthly operating report.
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $2,088,969
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,321,290,557
Securities 1,297,029,994
Derivative assets 5
Investment in subsidiaries (932,327,187)
Other assets 6,927
------------
Total Assets $1,842,589,403
============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements $513,286,761
Junior subordinated note 180,416,000
Derivative liabilities 53,817,031
Accrued expenses & other liabilities 888,003,015
Intercompany payable 572,814,990
------------
Total Liabilities 2,208,337,797
Stockholders' Equity
Preferred stock - Series A 50,856,875
Preferred stock - Series B 83,183,125
Common Stock 543,074
Additional paid-in capital 1,057,864,155
Retained earnings (1,558,195,623)
------------
Total Stockholders' Equity (365,748,394)
------------
Total Liabilities & Stockholders' Equity $1,842,589,403
============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended December 31, 2007
Net Interest Income:
Interest income ($42,789,004)
Interest expense -
------------
Net interest income (loss) (42,789,004)
Provision for loan losses -
------------
Net interest income after provision (42,789,004)
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans (15)
Loss on securities and derivatives 3,047,895
Gain (loss) from Subsidiaries (4,792,099)
Other non-interest income -
------------
Non-interest income (loss) (1,744,219)
Other
Data processing and communications 2,969
Other expenses -
------------
Total expenses 2,969
Loss before income taxes (44,536,192)
Income taxes -
------------
Net loss ($44,536,192)
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash - Beginning of Month, 12/01/2007 $151,772,397
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 1,116,554
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 1,116,554
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 15
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 15
------------
Net Cash Flow 1,116,539
------------
Cash - End of Month - 12/31/07 $152,888,936
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI Delivers December 2007 Operating Report
------------------------------------------------------------
American Home Mortgage Acceptance Inc., debtor-affiliate of
American Home Mortgage Investment Corp., delivered to the U.S.
Bankruptcy Court for the District of Delaware, its December 2007
monthly operating report.
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $244,012
Restricted cash -
Accounts receivable 4,285,211
Intercompany receivable 517,059,825
Mortgage loans 332,116,595
Mortgage servicing rights 16,744,758
Other real estate, net 4,258,234
Investment in subsidiaries (25,649,628)
Other assets 156,271
------------
Total Assets $849,215,278
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $362,119,024
Accrued expenses & other liabilities 17,970,258
Intercompany payable 683,479,551
------------
Total Liabilities 1,063,568,833
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (254,652,475)
------------
Total Stockholders' Equity (214,353,555)
------------
Total Liabilities & Stockholders' Equity $849,215,278
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended December 31, 2007
Net Interest Income:
Interest income $2,318,261
Interest expense -
------------
Net interest income 2,318,261
Provision for loan losses -
------------
Net interest income after provision 2,318,261
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans 767,090
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income (Loss) from subsidiaries (9,255)
------------
Non-interest income 757,835
Expenses
Salaries, commissions & benefits, net 297,988
Marketing and promotion -
Other real estate operating (income) expense 570,547
Other (21,684)
------------
Total expenses 846,851
(Loss) Income before income taxes 2,229,245
Income taxes -
------------
Net income $2,229,245
============
American Home Mortgage Acceptance, Inc., also reports that its
cash at the start of December was $232,049. Since it received
$11,962 from loans and advances, its cash increased to $244,011
as of Dec. 31, 2007.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMC Delivers December 2007 Operating Report
-----------------------------------------------------------
American Home Mortgage Corp., debtor-affiliate of American Home
Mortgage Investment Corp., delivered to the U.S. Bankruptcy Court
for the District of Delaware, its December 2007 monthly operating
report.
American Home Mortgage Corp.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $26,741,952
Restricted cash 7,805,887
Accounts receivable 40,680,186
Intercompany receivable 697,150,199
Mortgage loans 1,525,122,165
Derivative assets 743,601
Mortgage servicing rights 376,840,286
Other real estate, net 57,593,856
Premises and equipment, net 27,529,081
Investment in subsidiaries 74,835,069
Other assets 4,021,016
------------
Total Assets $2,839,063,298
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $1,623,880,633
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 481,111,102
Intercompany payable 1,446,839,100
Notes payable 913,068
Income taxes payable 1,310,632
------------
Total Liabilities 3,564,536,095
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (878,668,069)
------------
Total Stockholders' Equity (725,472,797)
------------
Total Liabilities & Stockholders' Equity $2,839,063,298
============
American Home Mortgage Corp.
Statement of Income
Month Ended December 31, 2007
Net Interest Income:
Interest income $9,955,404
Interest expense -
------------
Net interest income 9,955,404
Provision for loan losses -
------------
Net interest income after provision 9,955,404
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans (1,538,513)
Loan servicing fees 11,868,430
Changes in fair value of MSR 196,725
Income (loss) from subsidiaries (442,222)
Other non-interest income (loss) (15,127,971)
------------
Non-interest income (loss) (5,043,551)
Expenses
Salaries, commissions & benefits, net 3,113,115
Occupancy and equipment 1,805,938
Data processing and communications 113,240
Office supplies and expenses 56,120
Marketing and promotion (227)
Travel and entertainment 2,000
Professional fees 3,023,541
Other real estate operating expense 4,083,065
Other 116,901
------------
Total expenses 12,313,693
Income (Loss) before income taxes (7,401,840)
Income taxes (1,818)
------------
Net loss ($7,400,022)
============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash - Beginning of Month, 12/01/2007 $40,205,757
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 2,687,602
Administrative -
Net payroll -
Other 501,202
Transfers (from DIP accounts) -
------------
Total Receipts 3,188,804
Disbursements:
Net payroll 2,235,889
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 6,610,834
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 8,846,722
------------
Net Cash Flow (5,657,918)
------------
Cash - End of Month - 12/31/07 $34,547,839
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMHI Delivers December 2007 Operating Report
------------------------------------------------------------
American Home Mortgage Holdings Inc., debtor-affiliate of American
Home Mortgage Investment Corp., delivered to the U.S. Bankruptcy
Court for the District of Delaware, its December 2007 monthly
operating report.
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,122,337
Investment in subsidiaries (532,494,950)
Other assets -
------------
Total Assets ($399,237,067)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,935
------------
Total Liabilities 308,947,935
Stockholders' Equity
Additional paid-in capital 94,597,809
Retained earnings (802,782,811)
------------
Total Stockholders' Equity (708,185,002)
------------
Total Liabilities & Stockholders' Equity ($399,237,067)
============
American Home Mortgage Holdings, Inc.
Statement of Income
Month Ended December 31, 2007
Non-interest income:
Income (loss) from subsidiaries ($7,021,344)
------------
Non-interest income (loss) (7,021,344)
------------
Total Expenses -
------------
Income (Loss) before income taxes (7,021,344)
Income taxes -
------------
Net loss ($7,021,344)
============
American Home Mortgage Holdings, Inc., also discloses that its
cash as of Dec. 1, 2007, was $1,000. Since there was no cash
receipts and disbursements for December, AHM Holdings' cash at
the end of the month is still $1,000.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMSI Delivers December 2007 Operating Report
------------------------------------------------------------
American Home Mortgage Servicing Inc., debtor-affiliate of
American Home Mortgage Investment Corp., delivered to the U.S.
Bankruptcy Court for the District of Delaware, its December 2007
monthly operating report.
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $114,951,104
Restricted cash 13,724,061
Securities purchased under agreements -
Accounts receivable & servicing advances 146,556,521
Intercompany receivable 123,310,532
Premises and equipment, net 2,565,518
Investment in subsidiaries 9,715,319
Other assets 824,217
------------
Total Assets $411,647,272
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit -
Accrued expenses & other liabilities $173,851,015
Intercompany payable 130,998,620
Income taxes payable 6,762
------------
Total Liabilities 304,856,397
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 69,790,675
------------
Total Stockholders' Equity 106,790,875
------------
Total Liabilities & Stockholders' Equity $411,647,272
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended December 31, 2007
Net interest income:
Interest income -
Interest expense -
Provision for loan losses -
------------
Net interest income after losses -
Non-Interest Income:
(Loss) Gain on mortgage loans ($39,744)
Loan servicing fees
Gain on sale of servicing platform
Other non-interest income 492,366
------------
Non-interest income 452,622
Expenses
Salaries, commissions & benefits, net 1,433,048
Occupancy and equipment 218,691
Data processing and communications 39,962
Office supplies and expenses 70,606
Marketing and promotion -
Travel and entertainment 9,867
Professional fees 17,177
Other real estate operating expense (481)
Other (1,896,773)
------------
Total expenses (107,903)
Income (Loss) before income taxes 560,525
Income taxes -
------------
Net income $560,525
============
American Home Mortgage Servicing, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash - Beginning of Month, 12/01/2007 $123,537,989
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 2,470,957
Administrative 2,666,219
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 5,137,176
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements -
------------
Net Cash Flow 5,137,176
------------
Cash - End of Month - 12/31/07 $128,675,165
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMV Delivers December 2007 Operating Report
-----------------------------------------------------------
American Home Mortgage Ventures LLC, debtor-affiliate of American
Home Mortgage Investment Corp., delivered to the U.S. Bankruptcy
Court for the District of Delaware, its December 2007 monthly
operating report.
American Home Mortgage Ventures, LLC
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $613,049
Intercompany receivable -
Premises and equipment, net 2,200
Other assets -
------------
Total Assets $615,249
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities ($568)
Intercompany payable 156,507
------------
Total Liabilities 155,939
Stockholders' Equity
Additional paid-in capital 395,500
Retained earnings 63,810
------------
Total Stockholders' Equity 459,310
------------
Total Liabilities & Stockholders' Equity $615,249
============
American Home Mortgage Ventures, LLC, also discloses that its
cash as of Dec. 1, 2007, was $613,049. Since there was no
cash receipts and disbursements for December, AHM Ventures' cash
at the end of the month is still $613,049.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Great Oak Delivers December 2007 Operating Report
----------------------------------------------------------------
Great Oak Abstract Corp., debtor-affiliate of American Home
Mortgage Investment Corp., delivered to the U.S. Bankruptcy Court
for the District of Delaware, its December 2007 monthly operating
report.
Great Oak Abstract Corp.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $380,941
Accounts receivable 36,615
Intercompany receivable 693,132
Premises and equipment, net 5,339
Other assets 104,800
------------
Total Assets $1,220,827
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $76,743
------------
Total Liabilities 76,743
Stockholders' Equity
Additional paid-in capital 95,520
Retained earnings 1,048,564
------------
Total Stockholders' Equity 1,144,084
------------
Total Liabilities & Stockholders' Equity $1,220,827
============
Great Oak Abstract Corp. reports that its cash at the start of
December was $380,941. Since it transferred $93,132 to DIP
Accounts, its cash decreased to $287,809 as of Dec. 31, 2007.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Homegate Delivers December 2007 Operating Report
---------------------------------------------------------------
Homegate Settlement Services Inc., debtor-affiliate of American
Home Mortgage Investment Corp., delivered to the U.S. Bankruptcy
Court for the District of Delaware, its December 2007 monthly
operating report.
Homegate Settlement Services, Inc.
Statement of Financial Condition
As of December 31, 2007
Assets:
Cash and cash equivalents $234,599
Restricted cash -
Intercompany receivable -
Premises and equipment, net 233,715
Other assets -
------------
Total Assets $468,314
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $2,552,889
Intercompany payable 9,051,551
Income taxes payable 3,671
------------
Total Liabilities 11,608,111
Stockholders' Equity
Additional paid-in capital 250,000
Retained earnings (11,389,797)
------------
Total Stockholders' Equity (11,139,797)
&nb