/raid1/www/Hosts/bankrupt/TCR_Public/080412.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, 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)
------------
Total Liabilities & Stockholders' Equity $468,314
============
Homegate Settlement Services, Inc.
Statement of Income
Month Ended December 31, 2007
Non-interest income:
Tax service income (fees) ($625)
------------
Non-interest income (loss) (625)
Expenses:
Salaries, commissions and benefits, net -
Data processing and communications -
Marketing and promotion -
Other -
------------
Total expenses -
Income (Loss) before income taxes (625)
Income taxes -
------------
Net loss ($625)
============
Homegate Settlement Services, Inc., also discloses that its cash
as of Dec. 1, 2007, was $234,599. Since there was no cash
receipts and disbursements for December, Homegate Settlement's
cash at the end of the month is still $234,599.
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).
KITTY HAWK: Incurs $108,724 Net Loss in January 2008
----------------------------------------------------
Kitty Hawk Inc. filed with the U.S. Bankruptcy Court for the
Northern District of Texas its monthly operating report for
January 2008.
For the month of January 2008, the Debtor generated zero net
revenues and incurred a net loss of $108,724.
Cash Beginning of the Month $1,657,197
Total Receipts $2,691,682
Total Cash Available $4,348,879
Total Operating Disbursements $1,804,552
Total Disbursement $1,839,802
Net Cash Flow $851,880
Cash End of the Month $2,509,077
As of Jan. 31, 2008, the Debtor's balance sheet showed total
assets of $42,263,320, total postpetition liabilities of
$1,205,489, total prepetition liabilities of $638,123, and
total equity of $40,419,708.
A full-text copy of Kitty Hawk Ground Inc.'s January 2008 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2a77
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
KITTY HAWK: Incurs $123,990 Net Loss in February 2008
-----------------------------------------------------
Kitty Hawk Inc. filed with the U.S. Bankruptcy Court for the
Northern District of Texas its monthly operating report for
February 2008.
For the month of February 2008, the Debtor generated zero net
revenues and incurred a net loss of $123,990.
Cash Beginning of the Month $2,509,077
Total Receipts $4,839,255
Total Cash Available $7,348,332
Total Operating Disbursements $1,050,562
Total Disbursement $1,050,562
Net Cash Flow $3,788,693
Cash End of the Month $6,297,770
As of Feb. 29, 2008, the Debtor's balance sheet showed total
assets of $42,301,863, total postpetition liabilities of
$1,389,758, total prepetition liabilities of $616,387, and
total equity of $40,295,718.
A full-text copy of Kitty Hawk Ground Inc.'s February 2008 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2a77
About Kitty Hawk
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel.
LTV CORP: Files February 2008 Monthly Operating Report
------------------------------------------------------
The L.T.V. Corp. and its debtor-affiliates filed with the
United States Bankruptcy Court for the Northern District of Ohio
their monthly unaudited operating report for the period ended
Feb. 29, 2008.
As of Feb. 29, 2008, the Debtors' consolidated cash receipts and
disbursements statement reflected total cash receipts of $26,000
and total disbursements of $301,000. For the month ended Jan. 31,
2008, it reported a beginning cash of $13,358,000 and an ending
cash of $13,083,000.
A full-text copy of the Debtor's February 2008 report is available
for free at http://ResearchArchives.com/t/s?2a78
Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas. The company filed for chapter 11 protection on Dec. 29,
2000 (Bankr. N.D. Ohio, Case No. 00-43866). Richard M. Cieri,
Esq., and David G. Heiman, Esq., at Jones, Day, Reavis & Pogue,
represent the Debtors in their restructuring efforts. On Aug. 31,
2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities.
NEWPOWER HOLDINGS: Files Operating Report for Jan. 31 to Feb. 29
----------------------------------------------------------------
NewPower Holdings Inc. and its debtor-affiliates filed its monthly
operating report for the period from Jan. 1 to Feb. 29, 2008, with
the U.S. Bankruptcy Court for the Northern District of Georgia,
Newnan Division.
The Debtors reported an opening cash balance of $1,420 and a
closing cash balance of $1,325.
A full-text copy of NewPower Holdings Inc. and its debtor-
affiliates' monthly operating report for the period from Jan. 1 to
Feb. 29, 2008, is available at no charge at
http://ResearchArchives.com/t/s?2a76
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP represent the Debtors. When the Debtors filed for
chapter 11 protection, they reported $231,837,000 in assets and
$87,936,000 in debts.
On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
PACIFIC LUMBER: Scotia Development Files February 2008 Report
-------------------------------------------------------------
Scotia Development LLC, debtor-affiliate of The Pacific Lumber
Company, filed its monthly operating report for the period ended
Feb. 29, 2008, disclosing:
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of February 29, 2008
ASSETS
Current Assets
Cash $1,193,350
Accounts receivable, net 64,890,887
Inventory: lower cost or market 17,182,406
Prepaid expenses 5,415,957
Prepaid Restructuring 200,000
Investments -
Other 255,882
-------------
Total Current Assets 30,737,482
Property, Plant & Equipment 186,921,161
Less: Accumulated Depreciation (1,200,46,261)
-------------
Net book value of property & plant 66,874,900
Other Assets
Notes Receivable 609,888
Deferred Financing Costs 4,778,195
Long-term Investments 3,410,259
Restricted Cash 2,509,580
Restricted Cash --
Letter of Credit Collaterization 10,862,851
Deferred Tax Assets 13,313,381
-------------
TOTAL ASSETS $133,096,536
=============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $1,244,687
Tax payable
Federal payroll taxes 111,801
State payroll taxes 128,700
Ad valorem taxes 191,852
Other taxes 1,314,647
------------
Total taxes payable 1,747,000
Secured debt postpetition 75,000,000
Accrued interest payable 1,744,534
Accrued professional fees 3,308,353
Other accrued liabilities
Trade Accruals 956,941
Compensation and Benefits 1,092,811
Other Accrued 2,509,991
Due to Affiliate/Parent 7,368,079
------------
Total Postpetition Liabilities 94,972,396
Prepetition Liabilities
Notes payable -- Secured 84,277,251
Priority debt 3,292,393
Federal income tax (17,006)
FICA/ Withholding -
Unsecured debt 3,026,207
Other 28,453,710
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 160,694,060
------------
Total Liabilities 255,666,456
Owner's Equity (Deficit)
Equity in Affiliates 549,506,051
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (792,985,229)
Retained Earnings: Post Filing Date (154,638,031)
------------
Total Owner's Equity (122,569,920)
------------
TOTAL LIABILITIES & OWNERS EQUITY $133,096,536
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended 29, 2008
Revenues $7,761,659
Total cost of revenues 8,655,400
-----------
Gross Profit (893,741)
Operating Expenses
Selling & Marketing 77,384
General & Administrative 245,469
Insiders Compensation 105,680
Professional Fees -
Idle Facilities 107,005
Environmental 28,740
-----------
Total Operating Expenses 564,279
-----------
Income before interest, depreciation, tax (1,458,020)
Interest Expense 1,411,360
Depreciation 713,219
Other (Income) Expenses 291,352
Restructuring
Professional Fees 1,152,036
Others (43,263)
Amortization of Deferred Financing Costs 387,997
Equity Loss (Earnings) in Subsidiary 6,447,999
Total Interest, Depreciation & Other Items 10,360,700
-----------
Net Income (Loss) Before Taxes (11,818,720)
Federal Income Tax (1,076)
-----------
Net Income (Loss) ($11,817,644)
===========
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended February 29, 2008
Receipts
Cash Sales $190,314
Collection of Accounts Receivable 6,836,116
Loans & Advances -
Sale of Assets 162,202
Other 526,462
----------
Total Receipts 7,715,094
Disbursements
Net payroll 867,098
Payroll taxes paid 384,540
Sales, use & other taxes paid 27,721
Secured/rentals/leases 191,613
Utilities & telephone 81,334
Insurance 444,240
Cost of goods sold 1,586,340
Vehicle expenses 75,688
Travel & entertainment 23,402
Repairs, maintenance & supplies 479,499
Administrative & selling 781,174
Interest 923,105
----------
Total Disbursements from operations 5,865,755
Professional fees 1,206,739
U.S. Trustee fees 10,750
Other reorganization expenses -
----------
Total Disbursements 7,083,244
----------
Net Cash Flow 631,850
----------
Cash, at the beginning of the month 561,500
----------
Cash, at the end of the month $1,193,350
==========
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 53;
http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Pacific Files February 2008 Report
---------------------------------------------------------
Scotia Pacific Company LLC, debtor-affiliate of The Pacific Lumber
Company, filed its monthly operating report for the period ended
Feb. 29, 2008, disclosing:
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of February 29, 2008
ASSETS
Current
Assets
Cash $40,216,470
Accounts receivable, net 8,647,879
Inventory: lower cost or market 1,257,340
Prepaid expenses 5,919,881
Prepaid Restructuring 774,671
Investments -
Other 719,11
------------
Total Current Assets 57,535,357
Property, Plant & Equipment 601,915,867
Less: Accumulated Depreciation (360,815,229)
------------
Net book value of property & plant 241,100,637
Other Assets -
Capitalized Expenses 9,875,235
------------
TOTAL ASSETS $308,511,230
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $52,428
Tax payable
Federal payroll taxes 14,486
State payroll taxes 28,793
Ad valorem taxes 161,995
Other taxes 130,479
------------
Total taxes payable 335,752
Secured debt postpetition -
Accrued interest payable 60,015,447
Accrued professional fees 6,165,458
Other accrued liabilities
Unsecured Debt 2,639,519
Payroll 619,900
Other 216,369
------------
Total Postpetition Liabilities 70,044,873
Prepetition Liabilities
Notes payable - Secured 767,391,636
Priority debt 79,064
Federal income tax -
FICA/ Withholding -
Unsecured debt 7,954
Other -
------------
Total Prepetition Liabilities 770,828,654
------------
Total Liabilities 840,873,528
Owner's Equity (Deficit)
Preferred Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,108,832)
Retained Earnings: Post Filing Date (70,476,557)
------------
Total Owner's Equity (532,362,298)
------------
TOTAL LIABILITIES & OWNERS EQUITY $308,511,230
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended February 29, 2008
Revenues $1,658,725
Total cost of revenues 855,618
Gross Profit 803,108
Operating Expenses
Selling & Marketing -
General & Administrative 272,040
Insiders Compensation -
Professional Fees -
Idle Facilities -
Environmental -
----------
Total Operating Expenses 272,040
----------
Income before interest, depreciation, tax 531,068
Interest Expense 4,638,592
Depreciation 539,983
Other (Income) Expenses (143,029)
Amortization of Deferred Financing Costs -
Restructuring
Professional Fees 1,812,716
Other 130,805
Equity Loss (Earnings) in Subsidiary -
Total Interest, Depreciation & Other Items 6,979,067
----------
Net Income Before Taxes (6,447,999)
Federal Income Tax -
----------
Net Income (Loss) ($6,447,999)
==========
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended February 29, 2008
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 148,699
Log Sales to Palco less Reimbursable -
Other 3,821
-----------
Total Receipts 152,520
Disbursements
Net payroll 275,233
Payroll taxes paid 90,100
Sales, use & other taxes paid -
Secured/rentals/leases 19,090
Utilities & telephone 598
Insurance 105,064
Cost of goods sold 0
Vehicle expenses 0
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 368,656
Decking, logging & hauling 1,134,328
Other -
-----------
Total Disbursements from operations 1,993,069
Professional fees 509,314
U.S. Trustee fees 10,000
Interest 221,145
Other reorganization expenses -
-----------
Total Disbursements 2,733,528
-----------
Net Cash Flow (2,581,008)
-----------
Cash, at the beginning of the month 42,797,478
-----------
Cash, at the end of the month $40,216,470
===========
About Pacific Lumber
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond
McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter &
Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.
The Debtors filed their Joint Plan of Reorganization on Sept. 30,
2007, which was amended on Dec. 20, 2007. Four other parties-in-
interest have filed competing plans for the Debtors -- The Bank of
New York Trust Company, N.A., as Indenture Trustee for the Timber
Notes; the Official Committee of Unsecured Creditors; Marathon
Structured Finance Fund L.P, the Debtors' DIP Lender and Agent
under the DIP Credit Facility; and the Heartlands Commission,
which represents the tribal members of the Bear River Band of
Rohnerville Rancheria and PALCO employees.
The Debtors' exclusive plan filing period expired on Feb. 29,
2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 53;
http://bankrupt.com/newsstand/or 215/945-7000).
POPE & TALBOT: Submits Operating Report for December 2007
---------------------------------------------------------
Pope & Talbot Inc. and its debtor-affiliates amended their monthly
operating report for December 2007 to reflect that:
* the U.S. Trustee's quarterly disbursements total
$28,000; and
* the U.S. Trustee's quarterly fees total $1,749,743.
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.
The company and 14 of its debtor-affiliates filed for Chapter 11
protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-
11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
The Debtors' exclusive plan filing period was extended until
June 2, 2008. The Debtors have asked the Court in Canada to
further extend their CCAA stay until May 23, 2008. (Pope & Talbot
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
PROPEX INC: Files Schedules of Assets and Debts
-----------------------------------------------
Propex Inc. delivered to the U.S. Bankruptcy Court for the Eastern
District of Tennessee its schedules of assets and liabilities,
disclosing:
A. Real Property
Ringgold Plant $12,269,951
Nashville Plant 6,396,708
Hazelhurst Plant 7,300,940
Brainbridge Plant 6,614,834
Yonah Plant 4,375,103
Seneca Plant 3,450,000
Shugart Road Distribution Center 3,957,118
Dalton Distribution Center 4,584,651
B. Personal Property
B.1 Cash on hand N/A
B.2 Financial Accounts
Bank of America (f/k/a LaSalle Bank)
Accounts payable account #XXXX-XX-3653 3,163,030
Master account #XXXX-XX-0250 2,416,584
Lockbox account #XXXX-XX-0268 505,217
Payroll account #XXXX-XX-3646 298,941
Flex spending account #XXXX-XX-0383 3,497
AP EFT account #XXXX-XX-0276 0
Workers comp account #XXXX-XX-3679 (6,895)
Bank of Montreal
Checking account #XXXX-XX-3472 80,824
Lockbox account #XXXX-XX-4711 268
JP Morgan Bank 1,562,569
JP Morgan Chase Bank, N.A. 965
Wells Fargo 4,671
B.3 Security Deposits
American Express 300,000
Cass Information Systems 225,086
Pilot Travel Centers 101,894
Vision Service Plan 60,000
Metlife 40,000
Flexible Corporate Plans, Inc. 50,000
Miller & Martin LLP 45,000
Georgia Department of Revenue 30,574
Southern CA Edison - Utility Deposit 2,000
Dalton Utilities 223
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports and other hobby equipment 0
B.9 Interests in insurance policies
Star Excess International 1,054,087
Factory Mutual Insurance Co. 1,031,524
AIG - Worker's Comp./Employers' Liability 282,754
Eagle - Commercial Gen./Pollution Liability 280,338
National Union-D&O Tail Insurance policy 226,639
Eagle - Umbrella/Excess Liability Lead 124,809
AIG - Umbrella/Excess Liability 2nd Excess 198,000
AIG Environmental-Product and Pollution 198,717
Ace - Umbrella / Excess Liability 3rd Excess 84,117
AIG Environmental-Punitive Damage Liability 62,136
ACE-Marine Cargo 14,884
AIG-Int'l. Gen, Employee Benefits 39,922
AIG - Automobile Liability 57,937
American International Specialty Lines Ins. 52,426
Federal-Employment Practices Liability 45,522
National Union-Excess D&O Liability 37,219
National Union-Fiduciary Liability 12,403
National Union-Blanket Crime Coverage 12,690
Liberty-Special Crime/Kidnap & Ransom 9,923
AIG-Int'l. Workers Comp. & Emp. Liability 2,854
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests Unknown
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Net trade accounts receivable 47,346,704
See: http://bankrupt.com/misc/PropexInc_Sched16.pdf
Intercompany notes receivable from
Propex Concrete Systems Corporation 2,798,150
Intercompany accounts receivable due from
Mexico-affiliate 1,770,259
Germany-affiliate 225,896
Brazil-affiliate 108,335
Hungary-affiliate 86,814
Non-trade accounts receivable
American Fibers and Yarns 928,980
CRI/Chattanooga, Inc-Estimated scrap 360,909
Accounts receivable - Employee 2,577
Employee advance 1,000
Accounts receivable - Royalty payments 1,000
Allowance for doubtful accounts (655,758)
Accounts receivable reduction to adjust
for timing difference between shipping
point and shipping destination terms (1,184,400)
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor
State of Georgia refund for tax payment 129,669
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property Unknown
B.23 Licenses & franchises Unknown
B.24 Borrower & applicant list N/A
B.25 Vehicles & accessories
Trailers 16,020
Automobile 10,895
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies
Computer Equipment 532,990
Furniture & Fixtures 242,482
Telecom Equipment 172,850
Group impairment charge (101,059)
B.29 Machinery, supplies, equipment, supplies
M&E 7 Year Tax Life 62,176,953
M&E 5 Year Tax Life 29,786,396
Equipment 14,050,842
Assets under construction 5,546,385
Lab Equipment 141,685
Depr. On Assets Moved Into Storage (34,989)
B.30 Inventory
Dalton Distribution Center 12,890,699
Bassford Warehouse #2 10,383,257
Capitalized Manufacturing Variances 9,935,749
Ringgold Plant 9,877,311
Ringgold Plant 8,453,239
Nashville Plant 7,245,311
Hazelhurst Plant 6,031,660
Lakeland 2 Warehouse 5,632,098
Nashville Plant 5,535,081
Yonah Plant 3,567,841
Brainbridge Plant 3,332,861
Shugart Road Distribution Center 1,649,064
E&T Converters 1,371,822
Northside Warehouse 356,405
Third Party, FG Distribution 243,462
Brainbridge Plant 124,200
Ringgold Plant 26,054
Chickamauga Facility 6,242
Northside Warehouse 3,499
Lakeland 2 Warehouse 3,360
Ringgold Plant 2,640
Lakeland 2 Warehouse 1,977
Dalton Distribution Center 1,700
Northside Warehouse 1,554
Santa Fe Springs Warehouse 990
Chattanooga Facility 938
Non plant-specific inventory (2,300,894)
SAB 101 Equipment 1,060,891
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
Prepaid Inventory 11,551,224
Prepaid Expenses 594,940
BP Environmental Indemnification receivable 435,228
AP Debits - reclassified 186,196
Sr. Supplemental Savings Plan - Rabbi Trust 156,094
Accrued deposit - Lean Consulting 5,670
TOTAL SCHEDULED ASSETS $325,157,482
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
BNP Paribas, as Administrative Agent $224,351,467
AFCO Premium Credit LLC 2,851,939
Georgia Self Insurers Guaranty Trust Fund 1,206,245
Citibank N.A., New York 748,829
Applied Industrial Technologies Inc. 83,198
Docuteam 27,107
Citicorp Leasing 2,355
E. Creditors Holding Unsecured Priority Claims
Ad Valorem Tax:
Jeff Davis County Commissioner 520,301
Catoosa County Tax Commissioner 379,032
Berrien County Tax Commissioner 330,414
Decatur County Tax Commissioner 324,638
Whitfield County Tax Commissioner 256,812
City of Hazelhurst 103,957
Banks County Tax Commissioner 95,479
Oconee County Treasurer 32,472
Jeff Davis County Commissioner 24,167
Catoosa County Tax Commissioner 17,605
Berrien County Tax Commissioner 15,347
Decatur County Tax Commissioner 15,079
Whitfield County Tax Commissioner 11,928
Banks County Tax Commissioner 10,000
Franchise/privilege tax
Alabama Dept of Revenue 10,814
Others 38,176
F. Creditors Holding Unsecured Non-priority Claims
Wells Fargo Bank, N.A., as Trustee 152,028,688
Intercompany A/P due:
Propex Fabrics Int'l. Holdings I 27,487,336
Propex Holdings, Inc 1,461,000
Superior Yarn Technology 1,336,178
Georgia Power Company 1,130,538
Techmer Pm, Llc 869,320
W. Michael Coffin 752,159
Fibervisions 738,647
Newark Paperboard Products 712,106
Hazlehurst Georgia manufacturing facility
Liability for environmental cleanup at site 435,228
American Fiber & Yarn 381,960
Carthage Mills Erosion Control 370,000
Leonard Chill 291,200
Georgia Subsequent Injury Trust Fund 276,617
Edmund Stanczak 273,468
Standridge Color Corporation 245,986
Advanced Drainage Systems 217,000
Total Petrochemicals, Inc. 187,803
Solutia, Inc. 183,986
Flint Hills Resources (Pp) 164,672
Contech EC 156,428
Joseph F. Dana 139,559
KPMG LLP 134,608
A.H. Harris & Sons 125,000
Brock White Company Llc 125,000
Capgemini Us Llc 124,766
Exxon Chemical Americas 122,821
Groz-Beckert USA, Inc. 119,770
Lufkin Industries 116,888
Teems Electric Co, Inc 280,028
Americhem Dalton Subsidiary 98,638
Milliken & Company 86,152
Northwest Geosynthetics 85,000
Spx Cooling Technologies 84,983
Industrial Fabrics 65,000
Modern Dispersions 65,197
US Concrete 64,230
Electric Power Board 58,860
Mannington Carpets 52,245
Shaw Industries 38,642
Others 8,487,421
TOTAL SCHEDULED LIABILITIES $431,632,790
=========================================================
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. The Official Committee of Unsecured
Creditors is represented by Baker, Donelson, Bearman, Caldwell &
Berkowitz. The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008. (Propex Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Propex Concrete Files Schedules of Assets and Debts
---------------------------------------------------------------
Propex Concrete Systems Corporation, debtor-affiliate of Propex
Inc., delivered to the U.S. Bankruptcy Court for the Eastern
District of Tennessee its schedules of assets and liabilities,
disclosing:
A. Real Property
Chattanooga Facility $2,240,897
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
B.3 Security Deposits
World of Concrete 2008 34,392
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports and other hobby equipment 0
B.9 Interests in insurance policies
Ace - Lead $25 mm Umbrella 170,480
AIG - Workers' Compensation Liability 95,437
Evanston - Product Liability 86,130
National Union-D&O Tail Insurance policy 25,652
Eagle(AIG) - Commercial General Liability 22,344
AIG - Automobile Liability 10,585
Ins Co of the State of PA-General Liability 6,813
ACE-Marine Cargo 4,062
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests
100,000 shares of common stocks of Propex
Concrete Systems Ltd., a wholly owned
subsidiary of Propex Concrete Systems Corp. Unknown
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
See: http://bankrupt.com/misc/PropexConcreteB16.pdf
Net trade accounts receivable as of 2/3/08 3,205,109
Accounts receivable (236,250)
Intercompany accounts receivable
UK-affiliate 243,410
Mexico-affiliate 116,809
Travel Advances as of 2/3/08 4,300
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property Unknown
B.23 Licenses & franchises Unknown
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies
Net book value as 2/3/08 6,368,662
See: http://bankrupt.com/misc/PropexConcreteB29.pdf
B.30 Inventory
Chattanooga Facility 1,762,805
Dalton Distribution Center 2,453,533
Lakeland 1 Warehouse 1,878,309
Hazelhurst Plant 566,579
Third Party, FG Distribution 2,344,956
Servi-Logistics 173,074
Dominion Warehousing 156,131
Common Difference Between Standard Cost
and Actual Cost 411,500
Non plant-specific inventory 420,775
Inventory in Transit 344,808
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property 1,530,828
See: http://bankrupt.com/misc/PropexConcreteB35.pdf
TOTAL SCHEDULED ASSETS $24,501,094
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
BNP Paribas, as Administrative Agent $224,351,467
AFCO Premium Credit LLC 2,851,939
E. Creditors Holding Unsecured Priority Claims
Ad-valorem tax
Hamilton County Trustee 92,230
City of Chattanooga Treasurer 66,035
Hamilton County Trustee 4,284
City of Chattanooga Treasurer 3,067
Franchise/minimum tax
Texas Comptroller 6,354
Ohio Dept of Taxation 2,790
Tennessee Dept of Revenue 2,145
New Jersey Dept of Revenue 2,025
Massachusetts Dept of Revenue 1,141
Delaware Secretary of State 771
Others 558
F. Creditors Holding Unsecured Non-priority Claims
Wells Fargo Bank, N.A., as Trustee 152,028,688
Intercompany Note Payable to Propex, Inc. 2,798,150
Jacques Lambert 11,000
Malcom C. Macdougall 9,000
Lafarge West, Inc. 2,298
3M 1,700
Port Applegates, Inc. 115
TOTAL SCHEDULED LIABILITIES $382,235,759
=========================================================
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. The Official Committee of Unsecured
Creditors is represented by Baker, Donelson, Bearman, Caldwell &
Berkowitz. The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008. (Propex Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Propex Fabrics I Files Schedules of Assets and Debts
----------------------------------------------------------------
Propex Fabrics International Holdings I, Inc., debtor-affiliate of
Propex Inc., delivered to the U.S. Bankruptcy Court for the
Eastern District of Tennessee its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 600
B.2 Financial Accounts 7,014
B.3 Security Deposits 0
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports and other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests Unknown
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Intercompany accounts receivable due
from Propex, Inc. as of 1/18/08 27,487,336
Intercompany notes receivable due
from Mexico affiliate as of 2/3/08 4,154,801
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
TOTAL SCHEDULED ASSETS $31,649,152
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
BNP Paribas, as Administrative Agent $224,351,467
E. Creditors Holding Unsecured Priority Claims
Delaware Secretary of State -- Franchise Tax 3
Georgia Secretary of State -- Registration Tax 1
F. Creditors Holding Unsecured Non-priority Claims
Wells Fargo Bank, N.A., as Trustee 152,028,688
TOTAL SCHEDULED LIABILITIES $376,380,159
=========================================================
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. The Official Committee of Unsecured
Creditors is represented by Baker, Donelson, Bearman, Caldwell &
Berkowitz. The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008. (Propex Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Propex Fabrics II Files Schedules of Assets and Debts
-----------------------------------------------------------------
Propex Fabrics International Holdings II, Inc., debtor-affiliate
of Propex Inc., delivered to the U.S. Bankruptcy Court for the
Eastern District of Tennessee its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
B.3 Security Deposits 0
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports and other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests Unknown
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 0
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
BNP Paribas, as Administrative Agent $224,351,467
E. Creditors Holding Unsecured Priority Claims
Delaware Secretary of State -- Franchise Tax 3
Georgia Secretary of State -- Registration Tax 1
F. Creditors Holding Unsecured Non-priority Claims
Wells Fargo Bank, N.A., as Trustee 152,028,688
TOTAL SCHEDULED LIABILITIES $376,380,159
=========================================================
About Propex
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It is produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them. The Official Committee of Unsecured
Creditors is represented by Baker, Donelson, Bearman, Caldwell &
Berkowitz. The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008. (Propex Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SIRVA INC: Allied Van Files Schedules of Assets and Debts
---------------------------------------------------------
Allied Van Lines Inc., debtor-affiliate of Sirva Inc., filed with
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
B.2 Bank Accounts
Cash (236,116)
Cash - Lock Boxes 332,939
Outstanding Checks 1,583,040
B.3 Security Deposit
B.4 Household goods
B.5 Book, artwork and collectibles
B.6 Wearing apparel
B.7 Furs and jewelry
B.8 Firearms and other equipment
B.9 Insurance Policies
Illinois National Insurance Co.
Directors & Officers Liability undetermined
U.S. Specialty Insurance Co.
Directors & Officers Liability undetermined
Newmarket Underwriters Ins. Co.
Directors & Officers Liability undetermined
Beazley (London)
Directors & Officers Liability undetermined
Illinois National Insurance Co.
Directors & Officers Liability undetermined
Fiduciary Liability undetermined
Employment Practices Liability undetermined
National Union Fire insurance Co.
of Pittsburgh,PA
Blanket Crime undetermined
Liberty Mutual Insurance Co.
Workers Compensation and Employers
Liability undetermined
Transguard Insurance Co. of America
Primary undetermined
Auto / GL Fleet undetermined
Protective Insurance Co.
Excess Auto / GL - Fleet and Corp. undetermined
Lexington Insurance Co.
Umbrella undetermined
RSUI Indemnity Co.
Umbrella undetermined
National Surety Corp.
Umbrella undetermined
Great American Ins. Co. of NY
Umbrella undetermined
Starr Excess Liability Ins. Co.
Umbrella undetermined
Underwriters at Lloyds
Inland Cargo for USA / domestic undetermined
Travelers Property Casualty Co. of
America
Marine Cargo for Govt-Military
program undetermined
Vero Marine Insurance Ltd.
Marine Cargo for international
program undetermined
Axis Reinsurance Co.
Property undetermined
Officers Life Insurance 912,395
B.13 Stock and Interests 24,721,619
B.14 Interests in partnerships & joint venture (2,025,969)
B.15 Government and corporate bonds
B.16 Accounts Receivable
Transguard Receivable 11,758,087
National Accounts 17,700,342
Accrued Domestic Agents 14,885,699
Others 7,598,189
B.21 Other Contingent and Unliquidated Claims
Allied v. Carolina/Wilkinson;
05-CV-14459 undetermined
Allied v. Dunn Moving; 05-AR-265 undetermined
Allied v. Hayden Bonded Storage
Warehouse; 07022346(12) undetermined
Allied v. Jabour-Randolph Corporate
Moving, Inc.; 07-C-2743 undetermined
Allied v. M.M. Smith Warehouse;
2007-AR-1297 undetermined
B.22 Patents undetermined
See http://bankrupt.com/misc/AVLI_SAL_B22.pdf
B.23 Licenses, franchises & other intangibles
Goodwill 3,640,371
Accumulated Goodwill Amortization (339,975)
Trade Names 13,131,597
Accumulated Trade Names Amortization (2,131,467)
B.25 Vehicles
Trailers 6,512,836
Trailers Clearing 28,762
Trucks/Revenue Vehicles 56,256
Automobiles/Service Vehicles 14,500
Depreciation - Trailers (5,117,111)
Depreciation - Trucks/Revenue Vehicles (25,375)
Depreciation - Automobiles/Service Vehicles (14,500)
B.28 Office Equipment
Furniture/Fixtures 1,604,113
Office Equipment/Other Assets 86,502
Communications Equipment 1,135,741
Computer Equipment 3,936,005
Software 17,235,611
Depreciation - Furniture/Fixture (511,536)
Depreciation - Office Equipment/Other Assets (78,196)
Depreciation - Communications Equipment (450,208)
Depreciation - Computer Equipment (2,338,263)
Depreciation - Software (13,208,578)
B.29 Equipment and Supplies for Business
Depreciation - Van Equipment Moving Pads
& Blankets (131,830)
Van Equipment Moving Pads & Blankets 131,830
Containers 281,756
Satellite Equipment 202,500
Leasehold Improvement 3,444,384
Depreciation - Containers (264,756)
Depreciation - Satellite Equipment (202,500)
Depreciation - Leasehold Improvement (1,082,838)
B.30 Inventory
Inventory - Shrinkage/Obsolescence (548,811)
Inventory - Agent O/O & Employee Sales 1,284,427
B.31 Animals
B.32 Crops
B.33 Farming equipment and implements
B.34 Farm supplies, chemicals and feed
B.35 Other Personal Property
Equipment for Resale - Tractors 170,977
Equipment for Resale - Trailers/Trucks 888,436
Prepaid Other Expense 472,507
Deferred Agent Conversion Costs 613,837
Accrued Agent Conversion Costs (226,966)
TOTAL SCHEDULED ASSETS $105,430,264
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Arrow Capital Corp., d/b/a Intermec Capital 122,904
JPMorgan Chase Bank 486,380,075
E. Creditors Holding Unsecured Priority Claims 0
*** In Allied Van Lines' summary of liabilities, Schedule
E is reflected as $0. However, the actual schedule
reflects total unsecured priority claims aggregating
($9,221,152).
F. Creditors Holding Unsecured Non-priority Claims
Accounts Payable 7,423,923
Accrued Purchased Transportation Expenses 25,138,462
Alliance Relocation Services 95,802
Allied International New York / New Jersey 87,557
Cargo and Loss Claim Accrual 8,439,494
Dependable Auto Shipper Inc. 55,496
Plan B Inc 127,794
Qualcomm Inc. 73,712
Victory Packaging 79,584
Workflow One 53,874
Others 3,501,449
TOTAL SCHEDULED LIABILITIES $531,580,126
=========================================================
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
$924,457,299 and total debts of $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 for April 18, 2008. (Sirva Inc.
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: North American Van Files Schedules of Assets and Debts
-----------------------------------------------------------------
North American Van Lines Inc., debtor-affiliate of Sirva Inc.,
filed with the U.S. Bankruptcy Court for the Southern District of
New York its schedules of assets and liabilities, disclosing:
A. Real Property
5001 US Hwy 30 W, Fort Wayne, Indiana $12,400,000
B. Personal Property
B.1 Cash on hand
Petty Cash 950
B.2 Bank Accounts
Cash - Concentration 19,240,358
Others (3,484,155)
*** North American Van Lines' bank accounts are in National
City Bank in Indianapolis, Indiana, and Harris Bank in
Chicago, Illinois.
B.3 Security Deposit
No. 151400 Special Deposits 84,257
B.13 Stock and Interests 572,290,908
B.16 Accounts Receivable
A/R National Accounts 17,700,342
A/R Accrued Domestic Agents 14,885,699
Others 6,809,613
B.18 Other Liquidated Debts Owing Debtor
Federal Inc. Tax Recoverable 281,799
B.21 Other Contingent and Unliquidated Claims Undetermined
B.22 Patents Undetermined
B.23 Licenses, franchises & other intangibles
Goodwill 3,913,911
Trade Names 19,131,597
Others (2,471,443)
B.25 Vehicles
Trailers 3,071,556
Trailers Clearing (1,650)
Trucks/Revenue Vehicles 984,729
Automobiles/Service Vehicles 83,571
Depr - Trailers (1,866,303)
Depr - Trucks/Revenue Vehicles (691,143)
Depr - Automobiles/Service Vehicles (83,571)
B.28 Office Equipment
Furniture/Fixtures 626,103
Office Equipment/Other Assets 23,668
Communications Equipment 521,075
Computer Equipment 4,245,362
Software 21,663,348
Depr - Furniture/Fixtures (360,673)
Depr - Office Equipment/Other Assets (23,526)
Depr - Communications Equipment (313,555)
Depr - Computer Equipment (3,065,614)
Depr - Software (14,284,041)
B.29 Equipment and Supplies for Business
Van Equipment Moving Pads & Blankets 4,352,730
Satellite Equipment 1,395,390
Warehouse Equipment 285,920
Leasehold Improvement 176,100
Other Equipment Clearing 1,152,911
Depr - Can Equip Moving Pads & Blankets (3,843,366)
Depr - Satellite Equipment (1,395,390)
Depr - Warehouse Equipment (279,183)
Depr - Leasehold Improvement (176,100)
B.35 Other Personal Property
Prepaid Other Expense 1,512,519
Prepaid Systems Expense 1,688,921
Deferred Agent Conv Costs 2,649,601
Others 458,539
TOTAL SCHEDULED ASSETS $680,021,764
========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
JPMorgan Chase Bank 486,380,075
Others 1,715,064
E. Creditors Holding Unsecured Priority Claims 0
*** In North American Van's summary of liabilities,
Schedule E is reflected as $0. However, the actual
schedule reflects unsecured priority claims aggregating
($40,468,712).
F. Creditors Holding Unsecured Non-priority Claims
Accounts Payable 8,347,610
Accrued General and Admin Expenses 13,680,109
Accrued Purchased Transportation Expenses 13,735,043
Other Long-Term and Lease Impairment Claims 5,536,184
Others 8,339,227
TOTAL SCHEDULED LIABILITIES $537,733,312
========================================================
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
$924,457,299 and total debts of $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 for April 18, 2008. (Sirva Inc.
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Services 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 ***