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 19, 2008, Vol. 12, No. 93
Headlines
AEGIS MORTGAGE: Posts February 2008 Net Loss of $19,804,607
AMERICAN HOME: AHM CORP. Files Operating Report for January 2008
AMERICAN HOME: AHMAI Files Operating Report for January 2008
AMERICAN HOME: AHMHI Files Operating Report for January 2008
AMERICAN HOME: AHMIC Files Operating Report for January 2008
AMERICAN HOME: AHMSI Files Operating Report for January 2008
AMERICAN HOME: AHMV Files Operating Report for January 2008
AMERICAN HOME: Great Oak Files Operating Report for January 2008
AMERICAN HOME: Homegate Files Operating Report for January 2008
BOMBAY COMPANY: Earns $8,105,866 in November 2007
BOMBAY COMPANY: Posts $7,716,048 Net Loss in December 2007
BOMBAY COMPANY: Posts $8,378,316 Net Loss in January 2008
BUFFETS HOLDINGS: Has $3 Mil. Net Loss in Period Ended Feb 6
BUFFETS HOLDINGS: Has $12 Mil. Net Loss in Period Ended March 5
FEDERAL-MOGUL: Posts $6.0 Million Net Loss in January 2008
FEDERAL-MOGUL: Earns $4.4 Million in Month Ended Feb. 29, 2008
REUNION INDUSTRIES: Earns $86,000 in Month Ended February 29, 2008
SIRVA INC: Allied Int'l Files Schedules of Assets and Liabilities
SIRVA INC: Exec. Relocation's Schedules of Assets and Liabilities
SIRVA INC: Meridian Files Schedules of Assets and Liabilities
SIRVA INC: Sirva Global Files Schedules of Assets and Liabilities
SIRVA INC: Sirva Relocation's Schedules of Assets and Liabilities
SIRVA INC: 18 Affiliates File Schedules of Assets and Liabilities
SIRVA INC: 25 Affiliates File Schedules of Assets and Liabilities
SIRVA INC: 8 Affiliates File Schedules of Assets and Liabilities
*********
AEGIS MORTGAGE: Posts February 2008 Net Loss of $19,804,607
-----------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of February 29, 2008
Assets
Unrestricted Cash & Equivalents $26,953,742
Restricted Cash and Equivalents 20,570,908
--------------
Total Cash and Cash Equivalents 47,524,650
Prime loans 284,091
Nonconforming Loans -
Loan Premium (Discount), net 2,202,898
Repurchased Loans 65,004
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 2,551,994
ABS Nonconforming 3,302,535,329
ABS Loan Premium (Discount), net (19,089,357)
ABS Loan Loss Reserve (193,984,862)
--------------
Mortgage Loans Held for Investment 3,089,461,110
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 22,933,718
--------------
Accrued Interest Receivable 22,933,718
Mortgage Servicing Rights -
Property and Equipment, net 893,931
Deferred Income Taxes 77,445,947
Goodwill -
Prepaid Rent and Deposits 419,973
Derivative Assets (22,863,220)
Receivable for Advances 40,751,343
Servicer Related 298,752
Other Assets 639,677,279
Intercompany Receivable 0
--------------
TOTAL ASSETS $3,899,095,475
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime $540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 18,970,212
N/P Warehouse - Repurchased 11,933,754
--------------
Warehouse and Repurchase Facilities 596,312,674
Bonds Payable 3,203,600,518
NAS IO Bonds Payable 336,534
NIM Bonds Payable 52,989,614
Bond Premium (Discount), net 22,087,302
--------------
Bond Financing on Mortgage
Loans Held for Investment 3,234,839,365
Subordinated Debt 177,156,872
Accrued Interest Payable 6,496,310
Accounts Payable and 77,101,850
Accrued Expenses
Notes Payable-Other -
--------------
Total Liabilities 4,091,907,070
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 56,850,415
NR Related to Common Stock (5,890,925)
Distributions 6,500
Treasury Stock -
Dividends (45,500)
Retained Earnings (215,592,329)
Current Net Income Prepetition -
Current Net Income (28,341,141)
--------------
Total Equity (192,811,595)
--------------
TOTAL LIABILITIES & EQUITY $3,899,095,475
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
February 1 to 29, 2008
Loans Held for
Sale
Interest Income $110,094
Interest Expense (1,172)
Servicing Expense -
--------------
Net Interest Income 108,922
Loans Held for Investment
Interest Income 23,954,528
Interest Expense (12,858,560)
Servicing Expense (1,431,614)
--------------
Net Interest Income 9,664,354
Gains on Sale (5,423,492)
Premiums Paid 31,424
Loan Points 35,216
Loan Origination Fees 21,110
Broker Fees Received -
--------------
Production Income (5,335,742)
Servicing and Prepayment Income 91,123
Late Charges -
--------------
Total Servicing Fees 91,123
Other Income (Loss) (2,169,536)
--------------
Total Revenue 2,359,121
Salaries 212,772
Bonuses -
Commissions -
Employee Benefits 3,353
Payroll Taxes 19,674
Meetings & Travel 20
Meals & Entertainment 841
--------------
Total Personnel Expenses 236,660
Rent 736,578
Telephone 10,455
Office Supplies (316)
Shipping & Postage 740
Equipment 78,531
--------------
Total Office Expenses 825,988
Professional expense 1,193,358
Marketing -
Loan Related Expenses 86,507
Banking 3,737
Other Taxes/Licenses/Fees 26,282
Other Expenses 91,777
--------------
Total Other Expenses 1,401,661
Direct Operating Expense 2,464,309
Direct Operating Income (105,188)
Loan Loss Provision 19,489,670
Deferred SFAS 91 Expenses 49,700
Sub Debt Expense -
Depreciation Expense 59,735
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 19,599,105
--------------
Total Expenses 22,063,415
Income (Loss) Before Taxes (19,704,294)
Federal and State Income Taxes 100,313
--------------
Net Income (Loss) ($19,804,607)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
Month Ended February 29, 2008
Balance at Beginning of Period $27,866,508
RECEIPTS:
Cash Sales 0
Accounts Receivable 792,510
Loans and Advances
291,804
Sale of Assets 763,780
Other Insurance Premiums 0
Transfers (from DIP Accounts) 0
Return of Investments
Moulton Reinvestment 0
--------------
Total Receipts 1,848,094
DISBURSEMENTS:
Net Payroll (160,511)
Payroll Taxes (68,777)
Sales, Use & Other Taxes (46,850)
Inventory Purchases 0
Secured/Rental/Leases (678,535)
Insurance--Health Benefits (5,709)
Administrative (301,803)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (1,143,415)
U.S. Trustee Quarterly Fees (500)
Court Costs 0
--------------
Total Disbursements ($2,406,100)
--------------
Net Cash Flow (558,006)
--------------
Cash-End of Month $27,308,502
==============
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries. The company
together with 10 affiliates filed for chapter 11 protection on
Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119). Curtis A. Hehn,
Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy
P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P.,
serve as counsel to the Debtors. The Official Committee of
Unsecured Creditors is represented by Landis Rath & Cobb LLP. In
schedules filed with the Court, Aegis disclosed total assets of
$138,265,342 and total debts of $4,125,470. (Aegis Bankruptcy
News, Issue No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHM CORP. Files Operating Report for January 2008
----------------------------------------------------------------
American Home Mortgage Corp.
Statement of Financial Condition
As of January 31, 2008
Assets:
Cash and cash equivalents $11,969,795
Restricted cash 11,161,134
Accounts receivable 41,558,619
Intercompany receivable 693,908,940
Mortgage loans 1,501,886,628
Derivative assets 743,601
Mortgage servicing rights 376,840,282
Other real estate, net 63,012,760
Premises and equipment, net 26,210,233
Investment in subsidiaries 73,449,092
Other assets 3,523,493
------------
Total Assets $2,804,264,577
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $1,540,495,738
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 490,427,881
Intercompany payable 1,485,518,469
Notes payable 909,473
Income taxes payable 1,483,715
------------
Total Liabilities 3,529,316,836
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (878,247,531)
Other comprehensive loss -
------------
Total Stockholders' Equity (725,052,259)
------------
Total Liabilities & Stockholders' Equity $2,804,264,577
============
American Home Mortgage Corp.
Statement of Income
Month Ended January 31, 2008
Net Interest Income:
Interest income $9,514,721
Interest expense (5,608)
------------
Net interest income 9,509,113
Provision for loan losses -
------------
Net interest income after provision 9,509,113
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans 8,982,535
Loan servicing fees 11,881,516
Changes in fair value of MSR -
Income (loss) from subsidiaries (1,383,795)
Other non-interest income (loss) (8,964,666)
------------
Non-interest income 10,515,590
Expenses
Salaries, commissions & benefits, net 4,543,486
Occupancy and equipment 2,041,792
Data processing and communications 184,054
Office supplies and expenses 107,104
Marketing and promotion (316)
Travel and entertainment 2,000
Professional fees 6,330,930
Other real estate operating expense 6,070,065
Other 322,801
------------
Total expenses 19,601,916
Income (Loss) before income taxes 422,787
Income taxes -
------------
Net loss [income] $422,787
============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended January 31, 2008
Cash - Beginning of Month, 01/01/2008 $34,547,838
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative 181,853
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 181,853
Disbursements:
Net payroll 52,377
Payroll taxes -
Sales, use & other taxes -
Loans and advances 11,546,386
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 11,598,763
------------
Net Cash Flow (11,416,910)
------------
Cash - End of Month - 01/31/08 $23,130,928
============
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. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extends 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. 33; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI Files Operating Report for January 2008
------------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of January 31, 2008
Assets:
Cash and cash equivalents $226,077
Restricted cash -
Accounts receivable 4,148,547
Intercompany receivable 517,059,825
Mortgage loans 326,880,989
Mortgage servicing rights 16,744,758
Other real estate, net 4,190,405
Investment in subsidiaries (25,658,139)
Other assets 156,271
------------
Total Assets $843,748,733
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $362,119,024
Accrued expenses & other liabilities 18,011,882
Intercompany payable 676,426,366
------------
Total Liabilities 1,056,557,272
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (253,107,459)
------------
Total Stockholders' Equity (212,808,539)
------------
Total Liabilities & Stockholders' Equity $843,748,733
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended January 31, 2008
Net Interest Income:
Interest income $2,121,895
Interest expense -
------------
Net interest income 2,121,895
Provision for loan losses -
------------
Net interest income after provision 2,121,895
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans 1,023,526
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income (Loss) from subsidiaries (8,511)
------------
Non-interest income 1,015,015
Expenses
Salaries, commissions & benefits, net 1,374,748
Office supplies and expenses (5,000)
Marketing and promotion -
Professional fees 7,500
Other real estate operating (income) expenses 214,646
Other -
------------
Total expenses 1,591,894
(Loss) Income before income taxes 1,545,016
Income taxes -
------------
Net income $1,545,016
============
AHM Acceptance reported that its cash at the start of January was
$244,011. Since it paid $17,935 for loans and advances, its cash
decreased to $226,076 as of Jan. 31, 2008.
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. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extends 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. 33; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMHI Files Operating Report for January 2008
------------------------------------------------------------
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of January 31, 2008
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,036,104
Investment in subsidiaries (533,165,956)
Other assets -
------------
Total Assets ($399,994,306)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,874
Intercompany payable 2
------------
Total Liabilities 308,947,876
Stockholders' Equity
Additional paid-in capital 94,597,810
Retained earnings (803,539,992)
------------
Total Stockholders' Equity (708,942,182)
------------
Total Liabilities & Stockholders' Equity ($399,994,306)
============
American Home Mortgage Holdings, Inc.
Statement of Income
Month Ended January 31, 2008
Non-interest income:
Income (loss) from subsidiaries ($754,687)
------------
Non-interest income [loss] (754,687)
------------
Professional fees 2,493
------------
Total Expenses 2,493
------------
Income (Loss) before income taxes (757,180)
Income taxes -
------------
Net loss ($757,180)
============
American Home Mortgage Holdings, Inc., also discloses that its
cash as of January 1, 2008, was $1,000. Since there was no cash
receipts and disbursements for January, 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. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extends 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. 33; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMIC Files Operating Report for January 2008
------------------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of January 31, 2008
Assets:
Cash and cash equivalents $2,313,692
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,323,050,187
Securities 1,283,871,385
Derivative assets 5
Investment in subsidiaries (931,539,342)
Other assets 5,938
------------
Total Assets $1,832,202,003
============
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 871,609,383
Intercompany payable 574,439,603
------------
Total Liabilities 2,193,568,778
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 (1,553,814,004)
------------
Total Stockholders' Equity (361,366,775)
------------
Total Liabilities & Stockholders' Equity $1,832,202,003
============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended January 31, 2008
Net Interest Income:
Interest income
Interest expense -
------------
Net interest income 0
Provision for loan losses -
------------
Net interest income after provision 0
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans ($2)
Loss on securities and derivatives 3,616,470
Gain (loss) from Subsidiaries 787,836
Other non-interest income -
------------
Non-interest income 4,404,304
Other
Data processing and communications 990
Professional fees 21,695
Other expenses -
------------
Total expenses 22,685
Loss before income taxes 4,381,619
Income taxes -
------------
Net Income $4,381,619