/raid1/www/Hosts/bankrupt/TCR_Public/080419.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 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
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended January 31, 2008
Cash - Beginning of Month, 01/01/2008 $152,888,936
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 14,475,350
Administrative -
Net payroll -
Other 381,449
Transfers (from DIP accounts) -
------------
Total Receipts 14,856,800
Disbursements:
Net payroll 6,440,610
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 8,191,467
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 14,632,077
------------
Net Cash Flow 224,722
------------
Cash - End of Month - 01/31/08 $153,113,658
============
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: AHMSI Files Operating Report for January 2008
------------------------------------------------------------
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of January 31, 2008
Assets:
Cash and cash equivalents $76,853,882
Restricted cash 5,384,958
Securities purchased under agreements -
Accounts receivable & servicing advances 206,218,081
Intercompany receivable 158,466,909
Premises and equipment, net 2,521,818
Investment in subsidiaries 8,767,000
Other assets 788,198
------------
Total Assets $459,000,846
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit -
Accrued expenses & other liabilities $220,452,473
Intercompany payable 131,045,240
Income taxes payable 1,791,454
------------
Total Liabilities 353,289,167
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 68,711,479
------------
Total Stockholders' Equity 105,711,679
------------
Total Liabilities & Stockholders' Equity $459,000,846
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended January 31, 2008
Net interest income:
Interest income -
Interest expense -
Provision for loan losses -
------------
Net interest income after losses -
Non-Interest Income:
(Loss) Gain on mortgage loans (294,868)
Loan servicing fees -
Gain on sale of servicing platform -
Other non-interest income (loss) (804,108)
------------
Non-interest income [loss] (1,098,976)
Expenses
Salaries, commissions & benefits, net 2,055,255
Occupancy and equipment 136,462
Data processing and communications 95,030
Office supplies and expenses 111,298
Marketing and promotion -
Travel and entertainment 5,321
Professional fees (86,260)
Other real estate operating expense -
Other (2,336,886)
------------
Total expenses (19,780)
Income (Loss) before income taxes (1,079,196)
Income taxes -
------------
Net income (loss) ($1,079,196)
============
American Home Mortgage Servicing, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended January 31, 2008
Cash - Beginning of Month, 01/01/2008 $128,675,165
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 0
Disbursements:
Loans and advances 46,318,167
Administrative 118,158
------------
Total Disbursements 46,436,325
------------
Net Cash Flow (46,436,325)
------------
Cash - End of Month - 01/31/08 $82,238,840
============
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: AHMV Files Operating Report for January 2008
-----------------------------------------------------------
American Home Mortgage Ventures, LLC
Statement of Financial Condition
As of January 31, 2008
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 157,007
------------
Total Liabilities 156,439
Stockholders' Equity
Additional paid-in capital 395,500
Retained earnings 63,310
------------
Total Stockholders' Equity 458,810
------------
Total Liabilities & Stockholders' Equity $615,249
============
American Home Mortgage Ventures, LLC
Statement of Income
Month Ended January 31, 2008
Net Interest Income:
Fee income -
------------
Non-interest income 0
Expenses
Professional fees $500
------------
Total expenses 500
Loss before income taxes (500)
Income taxes -
------------
Net loss ($500)
============
American Home Mortgage Ventures, LLC, also discloses that its
cash as of January 1, 2008, was $613,049. Since there was no
cash receipts and disbursements for January, 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. 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: Great Oak Files Operating Report for January 2008
----------------------------------------------------------------
Great Oak Abstract Corp.
Statement of Financial Condition
As of January 31, 2008
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
January was $287,809. Since there was no transaction for the
whole month, its cash is still $287,809 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: Homegate Files Operating Report for January 2008
---------------------------------------------------------------
Homegate Settlement Services, Inc.
Statement of Financial Condition
As of January 31, 2008
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 9,052,051
Income taxes payable 3,671
------------
Total Liabilities 11,608,611
Stockholders' Equity
Additional paid-in capital 250,000
Retained earnings (11,390,297)
------------
Total Stockholders' Equity (11,140,297)
------------
Total Liabilities & Stockholders' Equity $468,314
============
Homegate Settlement Services, Inc.
Statement of Income
Month Ended January 31, 2008
Non-interest income:
Tax service income (fees) -
------------
Non-interest income 0
Expenses:
Professional fees $500
------------
Total expenses 500
Income (Loss) before income taxes (500)
Income taxes -
------------
Net loss ($500)
============
Homegate Settlement Services, Inc., also discloses that its cash
as of January 1, 2008, was $234,599. Since there was no cash
receipts and disbursements for January, 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. 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).
BOMBAY COMPANY: Earns $8,105,866 in November 2007
-------------------------------------------------
For the month November 2007, The Bombay Company Inc. and its
debtor-affiliates generated net revenues of $60,967,478 and had a
net income of $8,105,866.
Cash at the beginning of the month of November 2007 was
$3,768,145. Total cash receipts for the month were $33,638,724.
Total disbursements for the month were $24,777,549, and cash at
the end of the month of $12,629,320 for November 2007.
The Debtors' balance sheet as of Nov. 30, 2007, showed total
assets of $170,396,226, total postpetition liabilities of
$85,645,176, total prepetition liabilities of $67,367,346, and
total equity of $17,383,704.
A full-text copy of the company's November 2007 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2ad0
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall d,cor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors. Attorneys at Cooley, Godward, Kronish LLP
act as counsel for the Official Committee of Unsecured Creditors.
Forshey & Prostok LLP is the Committee's local counsel.
BOMBAY COMPANY: Posts $7,716,048 Net Loss in December 2007
----------------------------------------------------------
For the month December 2007, The Bombay Company Inc. and its
debtor-affiliates generated net revenues of $83,687,904 and had a
net loss of $7,716,048.
Cash at the beginning of the month of December 2007 was
$12,629,320. Total cash receipts for the month were $25,681,074.
Total disbursements for the month were $27,767,176, and cash at
the end of the month of $10,543,219 for December 2007.
The Debtors' balance sheet as of Dec. 31, 2007, showed total
assets of $111,411,604, total postpetition liabilities of
$34,425,997, total prepetition liabilities of $67,325,321, and
total equity of $9,660,286.
A full-text copy of the company's December 2007 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2ad2
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall d,cor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors. Attorneys at Cooley, Godward, Kronish LLP
act as counsel for the Official Committee of Unsecured Creditors.
Forshey & Prostok LLP is the Committee's local counsel.
BOMBAY COMPANY: Posts $8,378,316 Net Loss in January 2008
---------------------------------------------------------
For the month January 2008, The Bombay Company Inc. and its
debtor-affiliates generated net revenues of $14,128,010 and had a
net loss of $8,378,316.
Cash at the beginning of the month of January 2008 was
$10,543,219. Total cash receipts for the month were $9,771,463.
Total disbursements for the month were $16,119,191, and cash at
the end of the month of $4,195,490 for January 2008.
The Debtors' balance sheet as of Jan. 31, 2008, showed total
assets of $39,939,527, total postpetition liabilities of
$10,576,883, total prepetition liabilities of $28,350,674, and
total equity of $1,011,970.
A full-text copy of the company's January 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?2ad2
About Bombay Company
Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs,
sources and markets a unique line of home accessories, wall d,cor
and furniture through 384 retail outlets and the Internet in the
U.S. and internationally, including Cayman Islands.
The company and five of its debtor-affiliates filed for Chapter 11
protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T.
Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP,
represent the Debtors. Attorneys at Cooley, Godward, Kronish LLP
act as counsel for the Official Committee of Unsecured Creditors.
Forshey & Prostok LLP is the Committee's local counsel.
BUFFETS HOLDINGS: Has $3 Mil. Net Loss in Period Ended Feb 6
------------------------------------------------------------
Buffets Holdings Inc., filed with the Court its monthly
operating report for the month ended Feb. 6, 2008.
According to the report, which contains illegible amounts,
Buffets incurred a net loss of more than $3,000,000 for the
period January 22 to Feb. 6, 2008.
A full-text free copy of the monthly operating report is
available for free at http://bankrupt.com/misc/January08MOR.pdf
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at
Young Conaway Stargatt & Taylor LLP, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Bankruptcy
Solutions LLC as claims and balloting agent. The U.S Trustee for
Region 3 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors. The Committee selected
Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of
$85 million of new funding and $200 million carried over from the
company's prepetition credit facility. The Debtors have until
May 21, 2008, to file a plan. (Buffets Holdings Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Has $12 Mil. Net Loss in Period Ended March 5
---------------------------------------------------------------
Buffets Holdings, Inc., filed with the Court its monthly
operating report for the month ended March 5, 2008.
According to the report, which contains illegible amounts,
Buffets incurred a net loss of more than $12,000,000 for the
period February 7 to March 5, 2008.
A full-text free copy of the monthly operating report is
available for free at http://bankrupt.com/misc/Feb08MOR.pdf
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at
Young Conaway Stargatt & Taylor LLP, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Bankruptcy
Solutions LLC as claims and balloting agent. The U.S Trustee for
Region 3 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors. The Committee selected
Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of
$85 million of new funding and $200 million carried over from the
company's prepetition credit facility. The Debtors have until
May 21, 2008, to file a plan. (Buffets Holdings Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FEDERAL-MOGUL: Posts $6.0 Million Net Loss in January 2008
----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of January 31, 2008
(In millions)
Assets
Cash and equivalents $410.3
Accounts receivable 564.7
Inventories 407.6
Deferred taxes 268.0
Prepaid expenses and other current assets 162.8
--------
Total current assets 1,813.4
Summary of Unpaid Postpetition Debits 54.9
Intercompany Loans Receivable (Payable) 1,621.7
--------
Intercompany Balances 1,676.6
Property, plant and equipment 707.4
Goodwill 922.6
Other intangible assets 314.9
Insurance recoverable 869.0
Other non-current assets 1,130.3
--------
Total Assets $7,434.2
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $242.6
Accrued compensation 67.6
Restructuring and rationalization reserves 6.6
Current portion of asbestos liability -
Interest payable 14.9
Other accrued liabilities 978.4
--------
Total current liabilities 1,310.1
Long-term debt 2,960.0
Post-employment benefits 571.4
Other accrued liabilities 587.2
Liabilities subject to compromise 3,821.0
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 7,970.9
Accumulated deficit (11,687.4)
Accumulated other comprehensive income 188.4
Other -
--------
Total Shareholders' Equity (1,815.4)
--------
Total Liabilities and Shareholders' Equity $7,434.2
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended January 31, 2008
(In millions)
Net sales $241.6
Cost of products sold 204.6
--------
Gross margin 37.0
Selling, general & administrative expenses (42.1)
Amortization (0.9)
Reorganization items (3.7)
Interest income (expense), net (15.1)
Other income (expense), net 19.2
--------
Earnings before Income Taxes (5.6)
Income Tax (Expense) Benefit (0.4)
--------
Earnings before cumulative effect of change
in accounting principle (6.0)
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) ($6.0)
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended January 31, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($6.0)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 11.7
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (1.3)
Decrease (increase) in accounts receivable (5.8)
Decrease (increase) in inventories (27.2)
Increase (decrease) in accounts payable (12.4)
Change in other assets & other liabilities 52.8
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 11.7
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.7)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (6.7)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 293.2
Sale of accounts receivable under securitization -
Dividends -
Other (0.2)
--------
Net Cash Provided From Financing Activities 293.0
Increase (Decrease) in Cash and Equivalents 298.0
Cash and equivalents at beginning of period 112.3
--------
Cash and equivalents at end of period $410.3
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
Nov. 14. Federal-Mogul emerged from Chapter 11 on December 27,
2007. (Federal-Mogul Bankruptcy News, Issue No. 166; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
* * *
As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the reorganized
Federal-Mogul Corporation -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank credit
facilities, Ba2. The outlook is stable. The financing for the
company's emergence from Chapter 11 bankruptcy protection has been
funded in line with the structure originally rated by Moody's in a
press release dated Nov. 28, 2007.
As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007. The outlook is stable.
FEDERAL-MOGUL: Earns $4.4 Million in Month Ended Feb. 29, 2008
--------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of February 29, 2008
(In millions)
Assets
Cash and equivalents $552.1
Accounts receivable 590.4
Inventories 396.7
Deferred taxes 268.0
Prepaid expenses and other current assets (28.1)
--------
Total current assets 1,779.1
Summary of Unpaid Postpetition Debits 71.4
Intercompany Loans Receivable (Payable) 1,916.0
--------
Intercompany Balances 1,987.3
Property, plant and equipment 704.0
Goodwill -
Other intangible assets 1.3
Insurance recoverable 869.8
Other non-current assets 1,119.6
--------
Total Assets $6,461.2
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $246.2
Accrued compensation 74.2
Restructuring and rationalization reserves 5.4
Current portion of asbestos liability -
Interest payable 6.6
Other accrued liabilities 981.0
--------
Total current liabilities 1,313.3
Long-term debt 2,960.0
Post-employment benefits 571.4
Other accrued liabilities 588.3
Liabilities subject to compromise 3,821.1
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 7,989.0
Accumulated deficit (12,693.4)
Accumulated other comprehensive income 198.8
Other -
--------
Total Shareholders' Equity (2,792.8)
--------
Total Liabilities and Shareholders' Equity $6,461.2
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended February 29, 2008
(In millions)
Net sales $271.6
Cost of products sold 224.2
--------
Gross margin 47.4
Selling, general & administrative expenses (38.4)
Amortization 0.5
Reorganization items (4.2)
Interest income (expense), net (12.7)
Other income (expense), net 12.3
--------
Earnings before Income Taxes 4.8
Income Tax (Expense) Benefit (0.4)
--------
Earnings before cumulative effect of change
in accounting principle 4.4
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) $4.4
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended February 29, 2008
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $4.4
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 10.3
Adjustment of assets held for sale and
other long-lived assets to fair value -
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits -
Decrease (increase) in accounts receivable (25.5)
Decrease (increase) in inventories 10.9
Increase (decrease) in accounts payable 3.4
Change in other assets & other liabilities 145.4
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities 149.0
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (5.5)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (5.5)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (1.8)
Sale of accounts receivable under securitization -
Dividends -
Other -
--------
Net Cash Provided From Financing Activities (1.8)
Increase (Decrease) in Cash and Equivalents 141.8
Cash and equivalents at beginning of period 410.4
--------
Cash and equivalents at end of period $552.1
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
Nov. 14. Federal-Mogul emerged from Chapter 11 on December 27,
2007. (Federal-Mogul Bankruptcy News, Issue No. 166; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
* * *
As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the reorganized
Federal-Mogul Corporation -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank credit
facilities, Ba2. The outlook is stable. The financing for the
company's emergence from Chapter 11 bankruptcy protection has been
funded in line with the structure originally rated by Moody's in a
press release dated Nov. 28, 2007.
As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007. The outlook is stable.
REUNION INDUSTRIES: Earns $86,000 in Month Ended February 29, 2008
------------------------------------------------------------------
Reunion Industries Inc. filed with the Bankruptcy Court and United
States Trustee its monthly operating report for February 2008.
As of Feb. 29, 2008, the Debtor had $45,334,000 in total assets,
$67,863,000 in total liabilities, and $22,529,000 in total
stockholders' deficit.
For the month ended Feb. 29, 2008, the Debtor had $5,234,000 net
sales and generated a net income of $86,000.
For the month ended Feb 29, 2008, the beginning cash balance was
$455,178 and the ending cash balance was $464,628,000.
A full-text copy of the company's February 2008 report is
available for free at
http://www.sec.gov/Archives/edgar/data/1003429/000100342908000007/
f8kapr4.txt
About Reunion Industries
Headquartered in Pittsburgh, Pennsylvania, Reunion Industries
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements. These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division. In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.
Reunion Industries filed for Chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No.: 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate Chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol
A. Felicetta, Esq. at Reid and Riege, P.C. represents the Debtors
in their restructuring efforts.
SIRVA INC: Allied Int'l Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
Allied International N.A., Inc., a debtor affiliate of SIRVA,
Inc., filed its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
B.2 Bank Accounts
Cash 18,335
Outstanding Checks (1,114,287)
B.16 Accounts Receivable
3rd party/other 2,028,850
Claims/in subrogation 257,060
Cargo claims chargebacks 974,675
Domestic agents 2,128,886
Foreign agents 2,580,275
National accounts 15,774,942
Government/military 715,312
Other trade 677,239
Unapplied cash (1,841,649)
Land adjustments (10,197,154)
Accrued domestic agents 2,533,054
Accrued foreign agents 833,822
Accrued national accounts 7,887,229
Accrued government/military 884,144
Accrued other trade 65,179
Intercompany 11,881,830
Receivables Uncollected - customer (857,309)
B.28 Office Equipment
Furniture/fixtures 74,017
Office equipment/other assets 16,838
Computer equipment 276,760
Software 4,438,439
Depreciation - furnitures/fixtures (6,168)
Depreciation - office equipment/other assets (3,367)
Depreciation - computer equipment (144,637)
Depreciation - software (3,392,575)
B.35 Other Personal Property
Prepaid insurance (199,432)
Prepaid container usage 84,873
Prepaid other expense 177,534
Deferred agent conversion costs 558,021
TOTAL SCHEDULED ASSETS $37,092,401
========================================================
C. Property Claimed as Exempt $0
D. Secured Claims - JPMorgan Chase Bank 486,380,075
E. Unsecured Priority Claims
Pennsylvania Department of Revenue 0
F. Creditors Holding Unsecured Non-priority Claims
Contingent 900,354
Contingent and unliquidated 11,526,533
AGS 95,320
AGS - NA 44,578
Allied Bolliger 46,793
Allied International Calgary - Canada 54,058
Allied International Vancouver 41,695
Allied Pickfords - Victoria 91,456
Allied Pickfords - Australia 59,496
Allied Pickfords - England 512,735
Allied Pickfords - Japan 91,705
Allied Pickfords - Hong Kong 61,069
Allied Pickfords PTE LTD 374,101
Allied Pickfords - Beijing 56,955
Atlantic Worldwide Movers - Denis 77,171
Atlantic Worldwide Movers - Surrey 53,667
Bergen International Movers 80,104
Bolliger S.P.A. 60,872
Contingent, unliquidated and undisputed 2,807,246
Clover international C.A. 77,278
Demenagement Performance PMI Inc. 57,023
Elite Moving Systems LTD 61,274
Exel Transportation Services 41,286
Export-Import Service Inc. 40,996
Geijtenbeek BV 47,255
Graebel Movers International Inc. 46,674
Horizon Lines LLC 53,028
Inter Cargo Systems LLC 44,531
Interdean 99,835
International Logistic Services 95,336
Lift-van International Co. 72,214
Lyon Company LLP 55,940
Murphy Shipping & Communications 57,979
North American (UK) LTD NA 45,365
Overseas Transport GMBH 83,405
Quality Move Management 40,970
Schneider International 97,105
Sirva International Freight Forwarding 45,449
Taylor International 79,295
Team Allied - BE (Overijse) 218,005
Team Allied - CH (Geneva) 40,152
Team Allied - DW (Germany) 49,483
Team Allied - DW (Mainz-Kastel) 78,452
Team Allied - FR (Cedex) 238,919
Team Allied - NO (Oslo) 43,008
Team Allied - SE (Sweden) 165,828
Team Allied - SU (Moscow) 91,171
Team Allied - DW (Ginsheim-Gustavsburg) 183,436
Team Relocations LTD 240,699
Vero Marine Insurance LTD 82,612
Others 3,426,845
TOTAL SCHEDULED LIABILITIES $509,516,861
========================================================
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: Exec. Relocation's Schedules of Assets and Liabilities
-----------------------------------------------------------------
Executive Relocation Corporation, debtor-affiliate of SIRVA Inc.,
filed its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
B.2 Bank Accounts
Cash 1,000,537
Accounts Payable - Vendor (8,091,891)
B.9 Insurance Policies
Illinois National Insurance Co. undetermined
U.S. Specialty Insurance Co. undetermined
Newmarket Underwriters Ins. Co. undetermined
Beazley (London) undetermined
National Union Fire Insurance Co. undetermined
Liberty Mutual Insurance Co. undetermined
Lexington Insurance Co. undetermined
RSUI Indemnity Co. undetermined
National Surety Corp. undetermined
Great American Ins. Co. of NY undetermined
Starr Excess Liability Ins. Co. undetermined
Axis Reinsurance Co. undetermined
Vero Marine Insurance Ltd. undetermined
Travelers Property Casualty Co. undetermined
Underwriters at Lloyds undetermined
B.13 Stock and Interests undetermined
B.16 Accounts Receivable
3rd party/other 68,467
Accounts Receivable, Customer 707
Accounts Receivable, Unapplied Cash 602,265
Accounts Receivable, Relocation in Process 21,937,136
Receivables Uncollected - Customer A/R (97,943)
B.22 Patents undetermined
B.23 Licenses, franchises & other intangibles
Intangible 28,200,000
Accumulated Intangible Amortization -
Maison Huet (13,391,518)
B.28 Office Equipment
Furniture/fixtures 870,880
Office equipment/other assets 37,916
Communications Equipment 151,753
Computer Equipment 392,627
Software 144,043
Depreciation - furnitures/fixtures (312,529)
Depreciation - office equipment/other assets (25,435)
Depreciation - communications equipment (108,155)
Depreciation - computer equipment (320,830)
Depreciation - software (88,351)
B.29 Equipment and Supplies for Business
Leasehold Improvement 153,241
Depreciation - Leasehold Improvement (66,276)
B.35 Other Personal Property
Prepaid Rent 118,073
Prepaid Other Expense 77,700
TOTAL SCHEDULED ASSETS $31,252,418
========================================================
C. Property Claimed as Exempt 0
D. Secured Claims
JPMorgan Chase Bank $486,380,075
LaSalle Bank National Association undetermined
E. Unsecured Priority Claims 0
*** In Executive Relocation Corporation's summary of
liabilities, Schedule E is reflected as $0. However,
the actual schedule reflects these unsecured priority
claims:
Employees - Compensation & Benefits $388,959
Michigan Department of Treasury 12,400
Missouri Department of Revenue 48,900
Oklahoma Tax Commission 130
Taxing Authorities - Federal 12,299,160
Taxing Authorities - Other 5,326,106
Taxing Authorities - State (2,045,364)
F. Unsecured Non-priority Claims
Accounts Payable 8,291,203
Accrued General & Administrative Expenses
and Other Current Liabilities 14,901
Fleming Post Confirmation Trust undetermined
TOTAL SCHEDULED LIABILITIES $494,686,179
========================================================
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: Meridian Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Meridian Mobility Resources Inc., debtor-affiliate of SIRVA Inc.
filed its schedule of assets and liabilities, disclosing:
A. Real Property
Arizona $1,311,982
California 751,839
Connecticut 316,663
Florida 386,558
Georgia 502,050
Massachusetts 162,284
Michigan 172,205
Nebraska 102,149
Nevada 143,505
Ohio 174,260
Oregon 134,998
Pennsylvania 136,533
Rhode Island 195,402
South Carolina 202,141
Texas 252,143
Virginia 534,252
West Virginia 101,675
Other 659,945
B. Personal Property
B.15 Government and corporate bonds Not Applicable
B.16 Accounts Receivable
A/R Third Party/Other (5,091)
A/R Customer 3,483,949
A/R Relocations in process (5,096,741)
Res Uncoll Customer A/R (492,688)
A/R Home Sale Contra NRVA (206,853)
B.28 Office Equipment
Computer Equipment 7,441
Software 91,165
Depreciation - Computer Equipment (4,713)
Depreciation - Software (91,165)
B.35 Other Personal Property
Prepaid Other Expense 16,099
TOTAL SCHEDULED ASSETS $3,891,984
=========================================================
C. Property Claimed as Exempt $0
D. Secured Claims -- JPMorgan Chase Bank 486,380,075
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims 7,136,891
TOTAL SCHEDULED LIABILITIES $493,516,966
=========================================================
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: Sirva Global Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
SIRVA Global Relocation Inc., debtor-affiliate of SIRVA Inc.,
filed its schedule of assets and liabilities, disclosing:
A. Real Property
Arkansas $10,601
California 12,556
Illinois 297,881
Ohio 301,539
Ontario, Canada 54,502
Oregon 123,697
Texas 54,538
B. Personal Property
B.2 Bank Accounts -- National City (501,610)
B.16 Accounts Receivable
3rd Party/Other 529,100
Customer 12,001,765
Unapplied Cash (330,222)
Relocations In Process (3,888,039)
Clearing (2,135)
Expense Mgt. Pass Through 2,795,872
Intercompany 1,000
Res Uncoll - Customer A/R (455,023)
Home Sale Contra NRVA (221,311)
B.28 Office Equipment, Furnishings & Supplies
Computer Equipment 29,457
DEPR - Computer Equipment (27,283)
B.35 Other Personal Property
Prepaid Other Expense 8,333
TOTAL SCHEDULED ASSETS $10,795,220
========================================================
C. Property Claimed as Exempt $0
D. Secured Claim -- JPMorgan Chase Bank 486,380,075
E. Unsecured Priority Claim 0
F. Unsecured Non-priority Claims
Contingent Claim 1,545,249
Avis Rent A Car 1,604
CWS Corporate Housing 132
Equus Software LLC 320
Fry-Wagner United Moving & Storage 1,344
Graebel Companies 3,617
Greenstone Investments LLC 1,815
Homewood Suites 3,480
Irvine Ranch Water District 34
Kolb Daas & Associates PLC 5,818
Korman Communities 3,915
LimoLink, Inc. 372
Residence Inn by Marriott, Dallas Centra 1,157
Wisenterprise, Inc. 857
TOTAL SCHEDULED LIABILITIES $487,949,791
========================================================
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: Sirva Relocation's Schedules of Assets and Liabilities
-----------------------------------------------------------------
SIRVA Relocation LLC, debtor-affiliate of SIRVA Inc., filed its
schedules of assets and liabilities, disclosing:
A. Real Property
Arizona $8,825,242
Virginia 8,386,688
California 4,482,379
Texas 4,073,795
Maryland 3,785,955
Ohio 3,752,538
South Carolina 3,547,389
Michigan 3,351,487
Georgia 2,482,794
Illinois 2,264,190
Iowa 2,244,944
Colorado 1,882,343
Florida 1,824,967
Massachussetts 1,471,095
Arkansas 1,169,094
Others 22,525,339
B. Personal Property
B.1 Cash on hand
Petty Cash 2,219
B.2 Bank Accounts (12,548,240)
B.9 Insurance Policies 0
B.13 Stock and Interests 98,912,184
B.16 Accounts Receivable
A/R - Customers 27,931,683
A/R - Unapplied Cash 2,328,637
A/R - Third Party/Other 293,606
A/R - Clearing (13,484)
A/R - Relocation in Process (19,515,123)
A/R - Expense Management Pass Through (851,941)
A/R - Home Sale Contra NRVA (1,232,429)
Reserve for Uncollectible A/R -
Customers (2,036,729)
B.22 Patents Undetermined
B.23 Licenses, franchises & other intangibles
Goodwill (1)
Intangible - Crs 34,799,000
Intangible 2,499,670
Accum. Intangible Amortization - Crs (21,405,399)
Accum. Intangible Amortization - Cms (1,767,835)
B.28 Office Equipment
Furniture/Fixtures 1,827,235
Office Equipment/Other Assets 41,163
Communications Equipment 548,198
Computer Equipment 3,944,152
Software 10,206,604
Depr - Furniture/Fixtures (823,293)
Depr - Office Equipment/Other Assets (29,378)
Depr - Communications Equipment (439,652)
Depr - Computer Equipment (2,038,346)
Depr - Software (5,502,189)
B.29 Equipment and Supplies for Business
Van Equipment Moving Pads & Blankets 0
Containers 0
Satellite Equipment 0
Warehouse Equipment 0
Leasehold Improvement 996,917
Other Equipment Clearing 0
Depr - Can Equip Moving PAds & Blankets 0
Depr - Containers 0
Depr - Satellite Equipment 0
Depr - Warehouse Equipment 0
Depr - Leasehold Improvement (345,889)
B.35 Other Personal Property
Prepaid Other Expense 3,277,618
Prepaid Rent 357,377
TOTAL SCHEDULED ASSETS $195,486,575
=========================================================
C. Property Claimed as Exempt $0
D. Secured Claims
JPMorgan Chase Bank 486,380,075
Lasalle Bank National Association Undetermined
O/E Systems, Inc. Undetermined
Relational, LLC Undetermined
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims
Accounts Payable 37,316,792
Accrued General and Admin Expenses 1,552,030
Accrued Purchased Transportation Expenses 6,624,580
Others 1,955,433
TOTAL SCHEDULED LIABILITIES $533,828,909
=========================================================
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: 18 Affiliates File Schedules of Assets and Liabilities
-----------------------------------------------------------------
Some 17 debtor-affiliates of SIRVA, Inc., reported assets of $0
and debts of $486,380,075, owed to JPMorgan Chase Bank as
administrative agent, pursuant to the Debtors' prepetition credit
facility:
* A Five Star Forwarding, Inc.,
* Allied Van Lines, Inc. of Indiana,
* Cartwright Moving & Storage Co., Inc.,
* Cartwright Van Lines, Inc.,
* City Storage & Transfer, Inc.,
* Federal Traffic Service, Inc.,
* Fleet Insurance Management, Inc.,
* FrontRunner Worldwide, Inc.,
* Great Falls North American, Inc.,
* Manufacturing Support Services, LLC,
* Move Management Services, Inc.,
* NA (UK) GP Corporation,
* North American International N.A., Inc.,
* RS Acquisition, LLC,
* SIRVA Container Lines, Inc.,
* SIRVA Imaging Solutions, Inc., and
* SIRVA MLS, Inc.
Debtor Allied Interstate Transportation, Inc., disclosed $0
assets and $0 liabilities in its books and records.
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: 25 Affiliates File Schedules of Assets and Liabilities
-----------------------------------------------------------------
Some 25 debtor-affiliates of SIRVA, Inc. reported assets ranging
from $0 to $265,000,000:
Debtor Assets Debts
------ ------------ ------------
North American International Holding $265,923,868 $486,380,075
RS Acquisition Holding, LLC 164,240,000 486,380,075
Allied Van Lines Terminal Company 16,925,447 486,380,075
Allied Transportation Forwarding, Inc. 1,535,214 487,507,731
Americas Quality Van Lines, Inc. 1,067,338 486,380,075
Allied Freight Forwarding, Inc. 772,803 490,516,510
North American Logistics, Ltd. 639,031 486,380,075
North American Forwarding, Inc. 272,441 486,624,447
Allied Intermodal Forwarding, Inc. 153,992 485,499,788
Allied Domestic Forwarding, Inc. 109,157 486,379,034
Lyon Worldwide Shipping, Inc. 91,992 486,380,075
Anaheim Moving Systems, Inc. 58,442 486,393,411
Global Van Lines, Inc. 50,462 486,380,075
North American Van Lines of Texas 46,326 486,380,075
Allied Alliance Forwarding, Inc. 39,651 486,138,466
Lyon Van Lines, Inc. 39,582 486,380,075
NACAL, Inc. 15,975 486,380,075
SIRVA Freight Forwarding, Inc. 3,995 486,380,075
Alaska USA Van Lines, Inc. 3,802 486,380,075
Relocation Risk Solutions, LLC 863 486,380,075
A Relocation Solutions Management Company 0 484,417,821
SIRVA Settlement of Alabama, LLC 0 486,380,075
Global Worldwide, Inc. (1,255) 486,380,075
Allied Continental Forwarding, Inc. (24,611) 486,226,335
Allied Transcontinental Forwarding (82,756) 486,169,171
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: 8 Affiliates File Schedules of Assets and Liabilities
----------------------------------------------------------------
Some eight debtor-affiliates of SIRVA Inc. reported assets ranging
from $10,000 to $439,000,000:
Debtor Assets Debts
------ ------------ ------------
SIRVA Worldwide, Inc. $439,177,788 $487,415,921
NAVL LLC 101,480,487 486,380,075
CMS Holding, LLC 5,419,472 486,380,075
A Three Rivers Forwarding, Inc. 423,420 486,765,644
SIRVA Settlement, Inc. 270,043 486,486,576
A.V.L. Transportation, Inc. 230,761 486,558,828
Trident Transport International 134,962 486,389,909
NorAm Forwarding, Inc. 10,795 486,380,075
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 12; 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 ***