/raid1/www/Hosts/bankrupt/TCR_Public/080426.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 26, 2008, Vol. 12, No. 99
Headlines
ACCEPTANCE INSURANCE: Posts $10,917 Net Loss in February 2008
ACCEPTANCE INSURANCE: Posts $62,337 Net Loss in March 2008
AMERICAN HOME: AHM CORP Files February 2008 Operating Report
AMERICAN HOME: AHMIC Files February 2008 Operating Report
AMERICAN HOME: AHMAI Files February 2008 Operating Report
AMERICAN HOME: AHMSI Files February 2008 Operating Report
BLUE WATER: Incurs February 2008 Net Loss of $1,372,723
BLUE WATER: Incurs March 2008 Net Loss of $4,123,096
BUFFETS HOLDINGS: Files Schedules of Assets and Debts
BUFFETS HOLDINGS: Buffets Inc. Files Schedules of Assets and Debts
NEUMANN HOMES: Delivers Monthly Operating Report for March 2008
NEW CENTURY: Posts $7,586,039 Net Loss in Month Ended February 29
PERFORMANCE TRANSPORTATION: Posts $9,290,000 Loss in March 2008
PERFORMANCE TRANSPORTATION: Liquidating Trust's Jan. 2008 Report
PERFORMANCE TRANSPORTATION: Liquidating Trust's Feb. 2008 Report
PERFORMANCE TRANSPORTATION: Liquidating Trust's March 2008 Report
TOUSA INC: Posts $23,293,009 Net Loss in March 31, 2008
ZIFF DAVIS: Files Schedules of Assets and Debts
ZIFF DAVIS: Five Affiliates File Schedules of Assets and Debts
*********
ACCEPTANCE INSURANCE: Posts $10,917 Net Loss in February 2008
-------------------------------------------------------------
Acceptance Insurance Companies, Inc. reported total assets of
$36,846,031, total liabilities of $138,184,380, and total
stockholders' deficit of $101,338,349 as of Feb. 29, 2008.
For the month ended Feb. 29, 2008, the company generated revenue
of $2,681 and incurred a net loss of $10,917.
Net cash increase for the month of February 2008 was $24,178.
A full-text copy of the company's February 2008 operating report
is available for free at http://ResearchArchives.com/t/s?2b22
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates--
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. As of December 2007, the Debtor
listed $36,326,172 in total assets and $138,187,943 in total
debts.
ACCEPTANCE INSURANCE: Posts $62,337 Net Loss in March 2008
----------------------------------------------------------
Acceptance Insurance Companies, Inc. reported total assets of
$36,762,616, total liabilities of $138,163,302, and total
stockholders' deficit of $101,400,686 as of March 31, 2008.
For the month ended March 31, 2008, the company generated revenue
of $2,539 and incurred a net loss of $62,337.
Net cash increase for the month of March 2008 was $1,297.
A full-text copy of the company's March 2008 operating report is
available for free at http://ResearchArchives.com/t/s?2b22
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates--
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. As of December 2007, the Debtor
listed $36,326,172 in total assets and $138,187,943 in total
debts.
AMERICAN HOME: AHM CORP Files February 2008 Operating Report
------------------------------------------------------------
American Home Mortgage Corp.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $9,861,784
Restricted cash 9,933,996
Securities purchased under agreements 147
Accounts receivable 31,961,672
Intercompany receivable 696,910,601
Mortgage loans 666,541,844
Derivative assets 743,601
Mortgage servicing rights 376,844,753
Other real estate, net 62,137,493
Premises and equipment, net 22,319,881
Investment in subsidiaries 73,693,715
Other assets 3,097,782
------------
Total Assets $1,954,047,269
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $648,313,640
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 502,009,522
Intercompany payable 1,489,709,565
Notes payable 905,856
Income taxes payable 4,648,544
------------
Total Liabilities 2,656,068,687
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (855,216,690)
Other comprehensive loss -
------------
Total Stockholders' Equity (702,021,418)
------------
Total Liabilities & Stockholders' Equity $1,954,047,269
============
American Home Mortgage Corp.
Statement of Income
Month Ended February 29, 2008
Net Interest Income:
Interest income $4,452,174
Interest expense (5,585)
------------
Net interest income 4,446,589
Provision for loan losses -
------------
Net interest income after provision 4,446,589
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans 29,504,676
Loan servicing fees 12,213,565
Changes in fair value of MSR 1,840,261
Income (loss) from subsidiaries 244,625
Other non-interest (loss) income (12,952,395)
------------
Non-interest income 30,850,732
Expenses
Salaries, commissions & benefits, net 2,231,250
Occupancy and equipment 885,383
Data processing and communications 170,710
Office supplies and expenses 87,639
Marketing and promotion 23,684
Travel and entertainment 1,996
Professional fees 1,708,608
Other real estate operating expense 5,305,029
Other 1,852,181
------------
Total expenses 12,266,480
Income (Loss) before income taxes 23,030,841
Income taxes -
------------
Net income $23,030,841
============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended February 29, 2008
Cash - Beginning of Month, 02/01/2008 $23,130,928
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll 55,915
Other -
Transfers (from DIP accounts) 24,940
------------
Total Receipts 80,856
Disbursements:
Net payroll
Payroll taxes -
Sales, use & other taxes -
Loans and advances 2,292,039
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 1,123,966
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 3,416,005
------------
Net Cash Flow (3,335,150)
------------
Cash - End of Month - 02/29/08 $19,795,778
============
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 extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMIC Files February 2008 Operating Report
---------------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $6,020,775
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,322,684,844
Securities 1,265,989,258
Derivative assets 5
Investment in subsidiaries (891,086,210)
Other assets 4,948
------------
Total Assets $1,858,113,758
============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements $16,602,590
Junior subordinated note 180,416,000
Derivative liabilities 53,817,031
Accrued expenses & other liabilities 1,348,625,847
Intercompany payable 577,287,945
------------
Total Liabilities 2,176,749,413
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 (1,511,082,884)
Other comprehensive loss -
------------
Total Stockholders' Equity (318,635,655)
------------
Total Liabilities & Stockholders' Equity $1,858,113,758
============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended February 29, 2008
Net Interest Income:
Interest income $3,211,107
Interest expense -
------------
Net interest income 3,211,107
Provision for loan losses -
------------
Net interest income after provision 3,211,107
for loan losses
Non-Interest Income:
Loss on mortgage loans (2)
Loss on securities and derivatives (926,335)
Gain (loss) from Subsidiaries 50,359,145
Other non-interest income -
------------
Non-interest income 49,432,808
Other
Data processing and communications 989
Professional fees 5,797
Other expenses -
------------
Total expenses 6,786
Loss before income taxes 52,637,129
Income taxes -
------------
Net income $52,637,129
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended February 29, 2008
Cash - Beginning of Month, 02/01/2008 $153,113,658
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 2,448,381
Loans and advances 2,030,786
Administrative -
Net payroll -
Other 2,799,193
Transfers (from DIP accounts) -
------------
Total Receipts 7,278,359
Disbursements:
Net payroll 2,416,592
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 1,154,684
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 3,571,276
------------
Net Cash Flow 3,707,083
------------
Cash - End of Month - 02/29/08 $156,820,741
============
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 extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI Files February 2008 Operating Report
---------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $206,982
Restricted cash -
Accounts receivable 2,177,983
Intercompany receivable 517,059,825
Mortgage loans 134,235,834
Mortgage servicing rights 16,744,758
Other real estate, net 4,092,208
Investment in subsidiaries (25,664,254)
Other assets 156,271
------------
Total Assets $649,009,607
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $144,618,085
Accrued expenses & other liabilities 18,032,637
Intercompany payable 672,586,413
------------
Total Liabilities 835,237,135
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (226,526,448)
------------
Total Stockholders' Equity (186,227,528)
------------
Total Liabilities & Stockholders' Equity $649,009,607
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended February 29, 2008
Net Interest Income:
Interest income $1,384,560
Interest expense -
------------
Net interest income 1,384,560
Provision for loan losses -
------------
Net interest income after provision 1,384,560
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans 25,601,449
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income (Loss) from subsidiaries (6,114)
------------
Non-interest income 25,595,335
Expenses
Salaries, commissions & benefits, net 279,844
Office supplies and expenses -
Marketing and promotion -
Professional fees -
Other real estate operating (income) expense 119,040
Other -
------------
Total expenses 398,884
(Loss) Income before income taxes 26,581,011
Income taxes -
------------
Net income $26,581,011
============
AHM Acceptance also reports that its cash at the start of
February was $226,076. Since it paid $19,095 for loans and
advances, its cash decreased to $206,982 as of Feb. 29, 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 extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMSI Files February 2008 Operating Report
---------------------------------------------------------
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $59,212,372
Restricted cash 174,209
Securities purchased under agreements 225,734,604
Accounts receivable & servicing advances -
Intercompany receivable 160,456,253
Premises and equipment, net 2,523,929
Investment in subsidiaries 9,727,945
Other assets 775,733
------------
Total Assets $458,605,045
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit -
Accrued expenses & other liabilities $219,035,625
Intercompany payable 131,091,739
Income taxes payable 1,791,454
------------
Total Liabilities 351,918,818
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 69,686,027
------------
Total Stockholders' Equity 106,686,227
------------
Total Liabilities & Stockholders' Equity $458,605,045
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended February 29, 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 (370,926)
Loan servicing fees -
Gain on sale of servicing platform -
Other non-interest income (loss) 974,546
------------
Non-interest income [loss] 603,620
Expenses
Salaries, commissions & benefits, net 1,642,007
Occupancy and equipment 165,200
Data processing and communications 185,346
Office supplies and expenses 309,251
Marketing and promotion -
Travel and entertainment 18,980
Professional fees 97,593
Other real estate operating expense -
Other (2,789,305)
------------
Total expenses (370,928)
Income (Loss) before income taxes 974,548
Income taxes -
------------
Net income [loss] $974,548
============
American Home Mortgage Servicing, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended February 29, 2008
Cash - Beginning of Month, 02/01/2008 $82,238,840
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 0
Disbursements:
Net payroll 1,478,610
Payroll taxes -
Sales, use & other taxes -
Loans and advances 19,646,983
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 1,726,666
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 22,852,259
------------
Net Cash Flow (22,852,259)
------------
Cash - End of Month - 02/29/08 $59,386,581
============
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 extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: Incurs February 2008 Net Loss of $1,372,723
-------------------------------------------------------
Blue Water Automotive Systems, Inc.
Unaudited Balance Sheet
As of February 24, 2008
ASSETS:
Cash $1,040,794
Inventory 7,708,361
Accounts Receivable 48,900,698
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment 38,385,552
Accumulated Depreciation (10,087,302)
Other: Current Assets 5,404,899
Other: Long Term Assets 10,551,117
------------
TOTAL ASSETS $101,904,119
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable $3,591,501
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable 320,068
Other: -
------------
Total Postpetition Liabilities 3,911,569
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 36,976,963
------------
Total Secured Liabilities 36,976,963
Prepetition Liabilities:
Taxes and Other Priority Liabilities 1,913,342
Unsecured Liabilities: 63,869,182
Other: -
------------
Total Prepetition Liabilities 65,782,524
EQUITY:
Owners Capital 20,827,488
Retained Earnings - Prepetition (24,221,702)
Retained Earnings - Postpetition (1,372,723)
------------
Total Equity: (4,766,937)
------------
TOTAL LIABILITIES AND EQUITY $101,904,119
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended February 24, 2008
Total Revenue/Sales $9,298,171
Cost of Sales 9,652,762
------------
Gross Profit (354,591)
Expenses:
Officer compensation 16,346
Salary Expenses other Employees 129,900
Employee Benefits & Pensions 64,606
Payroll Taxes 36,933
Other Taxes 51,443
Rent and Lease Expense 57,773
Interest Expense 73,976
Insurance 4,628
Automobile and Truck Expense 15,686
Utilities (gas, electric, phone) 6,330
Depreciation 26,040
Travel and Entertainment 5,306
Repairs and Maintenance 2,303
Advertising -
Supplies, Office Expense, etc 93,786
Other Specify: Legal 17,105
Other Specify: Misc 548
------------
Total Expenses 602,709
------------
Net Operating Profit (Loss) (957,300)
Add: Non-Operating Income:
Interest Income -
Other Income -
Less: Non-Operating Expenses:
Professional Fees 415,423
Other -
------------
NET INCOME/(LOSS) ($1,372,723)
============
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. The Debtors' exclusive plan filing period
expires on June 11, 2008. (Blue Water Automotive Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BLUE WATER: Incurs March 2008 Net Loss of $4,123,096
----------------------------------------------------
Blue Water Automotive Systems, Inc.
Unaudited Balance Sheet
As of March 30, 2008
ASSETS:
Cash $1,991,356
Inventory 9,097,506
Accounts Receivable 54,973,704
Insider Receivables -
Land and Buildings -
Furniture, Fixtures & Equipment 38,231,077
Accumulated Depreciation (10,578,523)
Other: Current Assets 8,493,683
Other: Long Term Assets 61,251
------------
TOTAL ASSETS $102,270,054
============
LIABILITIES:
Postpetition Liabilities: -
Accounts Payable $4,111,606
Rent and Lease Payable -
Wages and Salaries -
Taxes Payable 657,288
Other: -
------------
Total Postpetition Liabilities 4,768,894
Secured Liabilities:
Subject to Postpetition Collateral or DIP Order -
All Other Secured Liabilities 46,077,236
------------
Total Secured Liabilities 46,077,236
Prepetition Liabilities:
Taxes and Other Priority Liabilities 1,909,818
Unsecured Liabilities: 58,404,139
Other: -
------------
Total Prepetition Liabilities 60,313,957
EQUITY:
Owners Capital 20,827,488
Retained Earnings - Prepetition (24,221,702)
Retained Earnings - Postpetition (5,495,819)
------------
Total Equity: (8,890,033)
------------
TOTAL LIABILITIES AND EQUITY $102,270,054
============
Blue Water Automotive Systems, Inc.
Unaudited Operating Statement
Month Ended March 30, 2008
Total Revenue/Sales $17,984,385
Cost of Sales 16,641,991
------------
Gross Profit 1,342,394
Expenses:
Officer compensation 40,769
Salary Expenses other Employees 779,472
Employee Benefits & Pensions 161,244
Payroll Taxes 74,070
Other Taxes 87,483
Rent and Lease Expense 135,177
Interest Expense 308,288
Insurance 7,842
Automobile and Truck Expense 53,738
Utilities (gas, electric, phone) 37,498
Depreciation 25,857
Travel and Entertainment 43,643
Repairs and Maintenance 7,711
Advertising -
Supplies, Office Expense, etc 186,885
Other Specify: Legal 32,859
Other Specify: Misc 43,613
------------
Total Expenses 2,026,149
------------
Net Operating Profit (Loss) (683,755)
Add: Non-Operating Income:
Interest Income -
Other Income -
Less: Non Operating Expenses:
Professional Fees -
Other 3,439,341
------------
NET INCOME/(LOSS) ($4,123,096)
============
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operation in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008, before the United States
Bankruptcy Court Eastern District of Michigan (Detroit) (Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. The Debtors' exclusive plan filing period
expires on June 11, 2008. (Blue Water Automotive Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Files Schedules of Assets and Debts
-----------------------------------------------------
Buffets Holdings Inc. filed with the U.S. Bankruptcy Court for the
District of Delaware its schedules of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Cash in drawers at various store locations 0
B.2 Bank Accounts
Checking account administered by US Bank 36,271
B.3 Security Deposit
Fee deposit Securities and Exchange Commission 37,585
B.4 Household goods 0
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests
100 Buffets, Inc. common stock shares undetermined
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
0
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 0
B.20 Interests in estate death benefit plan 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles 0
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment 0
B.29 Equipment and Supplies for Business 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment and implements 0
B.34 Farm supplies, chemicals and feed 0
B.35 Other Personal Property 0
TOTAL SCHEDULED ASSETS $73,856
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Credit Suisse 582,663,500
E. Creditors Holding Unsecured Priority Claims
State of California Franchise Tax Board 3,538,950
F. Creditors Holding Unsecured Non-priority Claims
Buffets, Inc. 6,273,012
TOTAL SCHEDULED LIABILITIES $589,475,462
==========================================================
*** Buffets Holdings' Schedules report total liabilities of
$589,475,462. However, actual computation reflects
total liabilities of $592,475,462.
About Buffets Holdings
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.
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' exclusive
plan filing period expires on May 21, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Buffets Inc. Files Schedules of Assets and Debts
------------------------------------------------------------------
Buffets Inc., debtor-affiliate of Buffets Holdings Inc., filed
with the U.S. Bankruptcy Court for the District of Delaware its
schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Cash in drawers at various store locations 29,600
B.2 Bank Accounts
Depository Wells Fargo 139,639
Cash Wells Fargo SLB 48,028
Cash Fifth Third Bank 22,606
B.3 Security Deposit
Escrow Deposits Short Term 160,000
Prepaid Rent Deposits 246
Deposits 238,306
B.13 Stock and Interests
100 Shares of HomeTown Buffet, Inc. Undetermined
Membership Int. in OCB Restaurant, LLC Undetermined
100 Shares of OCB Purchasing Company Undetermined
Membership Int. in Buffets Leasing Undetermined
100 Shares of Ryan's Restaurant Group Undetermined
Membership Int. in Buffets Franchise Undetermined
B.16 Accounts Receivable
Credit Card Receivable - Visa Sales 194,196
Credit Card Receivable - MasterCard Sales 32,092
Credit Card Receivable - Discover Sales 15,655
Credit Card Receivable - Debit Sales 110
Intercompany - Receivable 30,066,507
Rebate Receivable - Nonfood 20,229
Accounts Receivable - Restaurant Level 6,641
Accounts Receivable - Franchise 74,742
Accounts Receivable - Corp Level 239,886
Accounts Receivable - Gift Card 33,064
Accounts Receivable - Tour Tickets 18,098
Accounts Receivable - Unapplied Receipts 2,780
Due To/From Affiliate 83,620
B.18 Other Liquidated Debts Owing Debtor
State Income Tax Refunds 1,378,786
B.21 Other Contingent and Unliquidated Claims Undetermined
B.22 Patents Undetermined
B.23 Licenses, franchises & other intangibles Undetermined
B.29 Equipment and Supplies for Business
Equipment Costs 21,362,500
Equipment Cost Clearing 1,847
Accummulated Depreciation Equipment (18,995,680)
B.30 Inventory
Food 212,862
Smallwares 679,650
B.35 Other Personal Property
Employee Advances 40,374
Prepaid Car Lease 15,538
Prepaid Insurance 852,249
Prepaid Minimum Rent 522,417
Prepaid Other 7,419,814
Prepaid Other Restaurant Level 15,033
Prepaid Media Placement 3,297,851
Prepaid Media Production 351,627
Prepaid Advertising Misc 28
Prepaid LL Utility Escrow 34
Prepaid LL Advertising Escrow 40
Notes Receivable-Short Term 120,872
Notes Receivable-Contra Short Term (120,872)
Building Costs 212,644
Accummulated Depreciation-Building (10,247)
Leasehold Costs 249,530
Leasehold Cost-Clearing 3,247
Leasehold CIP Cost-Clearing 29,657
Accummulated Amortization (55,952)
Notes receivable from Subsidiaries 149,800,000
Notes Receivable-Long Term 176,432
Notes Receivable-Contra (176,432)
TOTAL SCHEDULED ASSETS $198,809,894
==========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Credit Suisse 582,663,500
E. Creditors Holding Unsecured Priority Claims
Federal and State Income Tax Authorities 2,985
F. Creditors Holding Unsecured Non-priority Claims
HSBC Bank USA, N.A. Successor Trustee 320,937,500
North Star FoodService Inc. 5,426,449
WB Doner and Company 4,710,526
Saladino's Inc. 4,673,811
Gift Card/Certificate Program 4,065,180
Van Eerden Distribution Co. 2,205,341
Birite 2,076,259
LGI Energy Solutions Inc. 1,743,842
McDonald Wholesale Co. 1,648,152
Feesers Inc. 1,564,661
Upper Lake Foods, Inc. 1,363,510
Shamrock Foods Co. 1,240,827
Hartford Specialty 1,065,946
COI FoodService 1,009,432
Haag Food Service Inc. 833,898
Edward Don Company 730,439
Sunrise Produce 708,049
Thurston Foods Inc. 694,319
Sysco Food Service 672,450
Piazza Produce 635,691
Daylight Foods Inc. 496,717
DiCarlo Distributors Inc. 456,765
V Marchese Inc. 408,044
Renzi Bros. Inc. 381,935
Brown FoodService Inc. 379,235
Texas State 363,409
OCB Cabinet Division 361,601
RSI Construction Services 355,839
Cananwill Inc. 297,678
Phoenix Wholesale Food Service 285,252
Bain & Company Inc. 279,072
Aramark Uniform Services 271,853
Indiana State 268,338
J Ambrogi Food Distribution In 253,353
Impact Group 251,871
Sirna & Sons Mainline Produce 251,047
T&T Produce 242,102
GE Capital 225,123
WayneTowne Associates 208,403
OK Produce 204,994
Yanceys Food Service Supplier 201,004
Mississippi State 196,635
Authorized Commercial Equipment Service 179,380
Blue Cross Blue Shield Minnesota 176,366
Keany Produce Co. 174,045
Service Management Group 173,218
Donna Hurley PC 167,383
Fifth-Third Bank 166,829
Illinois State 164,820
Phoenix Construction Enterprises Inc. 162,677
HC Duke Sons Inc. 154,129
Ecolab 152,081
Old Country Bakery 147,273
Eichenauer Services Inc. 147,165
Royal Cup Inc. 144,811
McCartney Produce Company Inc. 144,061
Lexington County, South Carolina 136,814
Chris Produce Co. 136,150
Challenge Dairy Products Inc. 135,789
Mento Produce 129,875
Galileo Arlington Heights LLC 125,271
Restaurant Technologies Inc. 124,736
Florida Food Service Inc. 122,014
Brothers Produce Inc. 121,842
BIX Produce Co. 119,900
Nucoz Inc. 115,580
Wisconsin State 115,119
Earthgrains Baking Co. Inc. 113,452
Stero 110,945
American Express 110,709
United Parcel Service 108,772
U.S. Foodservice, Inc. 101,754
Timberline Construction Inc. 99,707
AT Systems West Inc. 98,979
State of Michigan 96,274
Beasley Food Service 96,039
Imlers Poultry 95,556
Maryland State 95,428
Buffets Inc 401K -- Wells Fargo 94,047
PAI -- Planned Administrators Inc. 92,878
Senn Bros. Produce Inc. 91,327
Jefferson Pilot Financial 91,007
Thomas Brothers Produce 88,855
Shea 86,913
Imlers Poultry 85,556
Heritage Service Group 85,527
Franklin Machine Products Inc. 84,465
Capitol City Produce Co. 81,749
Caxton Iseman Capital Inc. 81,401
Fowler Hunting Co. 80,867
Corporate Graphics Int'l. 80,814
Rheem Manufacturing Co. 78,578
Granite Telecommunications LLC 78,918
Florida State 76,310
Bellsouth Telecommunications 75,358
Richland County, South Carolina 74,222
Voss Lighting 72,411
Santa Clara County, California 72,381
Shoes For Crews Inc. 72,358
Custom Installation Inc. 71,890
Franklin County, Ohio 70,975
Black Diamond Fruit Produce 70,772
Shapco Printing Inc. 67,771
Spacenet Inc. 67,461
Plymouth Poultry Co. 65,072
A. Esposito Inc. 64,988
Scheid Produce Inc. 64,401
Foster Caviness Co. Inc. 63,463
F Nasiff Jr. Co. Inc. 63,270
Hobart Corp 62,005
HP Hood Inc. 60,676
Adams Produce of Jackson 59,286
Johnson County TX 59,257
Downriver Mechanical LLC 59,127
Juicy Whip Inc. 57,703
Inside Edge Commercial Interior Services LLC 57,095
Apple Foods 56,271
Stroehmann Bakeries LLC 55,797
Newmans Refrigeration Services 55,692
Blue Cross Blue Shield of South Carolina 54,625
Total Service Company 53,744
Littler Mendelson PC 53,588
SimplexGrinnell LP 53,125
Hot Water Products Inc. 52,897
Starbridge 51,334
Sierra Seafood Specialties 50,797
McLennan County, Texas 50,702
Office Depot Inc. 50,234
Produce Pros 50,012
Profill Holdings 49,739
Okun Produce 48,562
Greenheck 48,455
Key Equipment Finance 47,059
Blodgett Oven Co. 46,034
Welch Consulting 45,987
Bills Produce 45,777
Galveston County, Texas 44,712
Verify Solutions 44,574
Nexsen Pruet 44,225
CC Produce 42,808
Kason Vinyl Products 42,149
Metropolitan Foods Inc. 42,001
Alto Sham Inc. 41,944
Mission Linen Uniform Service 41,338
JD Tube Benders Inc. 41,265
Ronnoco Coffee Co. 41,242
Pruitt Tile Company 41,715
Atlanta Sharptech 40,649
Muzak 40,291
Charlies Produce 39,573
Cadillac Coffee Co. 38,826
WW Grainger Inc. 38,723
Loffredo Fresh Produce Co. Inc. 38,173
Serve Commercial Div Tepec Inc. 37,315
JH Honeycutt & Sons Inc. 37,255
Shenandoah's Pride 37,237
Daymark Food Safety Systems 36,868
Mesquite, Texas 36,785
Livingston Parish, Louisiana 35,745
Nexus Information Systems 35,635
A&B Carpet Cleaning 35,471
Eatontown Monmouth Mall LLC 35,281
Interstate Brands Corp. 34,721
Trane Co. 34,660
Kegels Produce Inc. 34,076
Microsoft Licensing GP 33,599
Air Filtration Service Inc. 32,916
Ideacorp 32,711
Frost Brown Todd LLC 32,693
Professional Vent Cleaning Inc. 31,936
Knight Sign Industries Inc. 31,641
Metro Hardwoods 31,633
Los Angeles Plumbing Backflow Testing Inc. 31,303
Produce Source Partners 31,064
Pitco Frialator Inc. 31,020
Kirby Noonan Lance & Hoge LLP 30,954
Poultry Products of Connecticut Inc. 30,924
Dougherty County, Georgia 30,922
Duko Uniforms Ltd. 30,728
Village Park Plaza LLC 30,648
La Grasso Bros. Inc. 30,238
JMJ Tomato Company Inc. 30,172
Limehouse Produce Co. Inc. 30,148
Marvins Produce LLC 29,489
Southern California Mechanical 29,450
Poultry Products Company Inc. 29,244
Fran Kennedy Coffee Co. 29,185
Adams Gulf Coast Produce 29,182
Hockenbergs Equipment & Supply Inc. 28,978
AES Stellar Air Inc. 28,874
Trane Parts Center 28,860
Pro Temp 28,393
Grand Avenue Produce Co. Inc. 28,372
Gulf Coast Produce Distributors Inc. 28,358
Harris County, Texas 28,048
Spartan Stamp & Sign Company 27,875
Torke Coffee 27,869
Intercall 27,559
Equity One Realty and Mgmt NE 27,432
Monster Com. 27,286
Delta Dental MN 27,049
Flaire Print Communications 26,974
Restaurant Liquid Services LLC 26,883
Larson Records Management 26,502
Heritage Old Bridge LLC 26,460
Expert Cleaning Services 26,215
City Produce Inc. 26,214
Forestwood Farm Inc. 25,922
Stothert Properties LLC 25,825
Hamden Plaza Associates, LLC 25,641
Greenwood, South Carolina 25,422
Kimco Green Orchard Inc. 25,258
Home Pro Remodeling Specialists 25,192
Staybridge Suites 25,086
Case Service Co. 24,886
Multiclean 24,380
Meadow Gold Dairies Dept 964 23,492
Fresh Express 22,127
Alief School, Texas 22,006
Freshko FoodService Inc. 21,457
Basque French Bakery 20,997
AirGas West Inc. 20,856
DeMarco Produce Co. Inc. 20,809
Big Stars Janitorial Service Inc. 20,775
Curtis Restaurant Equipment 20,004
Others 303,797,136
TOTAL SCHEDULED LIABILITIES $1,262,498,094
==========================================================
About Buffets Holdings
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.
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' exclusive
plan filing period expires on May 21, 2008. (Buffets Holdings
Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NEUMANN HOMES: Delivers Monthly Operating Report for March 2008
---------------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended March 31, 2008
Beginning Balance in All Accounts:
Neumann Citibank Operating Account &
old BofA Operating Account $307,429
Neumann Bank of America - old accounts -
Neumann Citibank - Customer Earnest -
Money Account
Neumann Citibank - Funding/Dip Account 100,000
Neumann Citibank - Dip Funding -
Professional Acct
Restricted - Neumann Homes Flex Spending 4,808
Restricted - Neumann Citibank - Glen at 1,220
Lakemoor EM Account
Restricted - Neumann Citibank - Clublands 155,658
Antioch Clubhouse
Restricted - IndyMac Escrow Account - 125,609
NeuVillage
Restricted - Chicago Title Escrow Account - 211,112
Closed Homes
Restricted - Chicago Title Escrow Account - 1,377,147
Lender Funded
Restricted - Citibank - Worker Comp Escrow 9,730
Restricted - Land Title Guarantee Escrow 360,318
----------
$2,653,032
----------
Receipts:
Operations- Operating Account 338,889
Operations - Customer Earnest Money Account-Ckg -
Operations - Customer Earnest Money Account-MM -
Funding/Dip Account 100,000
Glen at Lakemoor EM account 1
Clublands Antioch Clubhouse account 287
Dip Funding - Professional Account -
Flex Spending -
Restricted Escrow held by CTT-Lender Funding -
IndyMac Escrow for L/C-Leona's Neu Village -
Flex Spending -
Restricted Escrow held by CTT-(closings) 18,773
NHI Worker Comp Escrow 43
Other Receipts -
----------
457,993
----------
Disbursements:
Net Payroll:
Officers (13,620)
Others (51,611)
----------
(65,231)
Taxes:
Federal Income Tax Withholding (13,712)
FICA/Medicare Withholdings EE (6,753)
Employer's FICA/Medicare ER (6,753)
Federal Unemployment Taxes ER (49)
State Income Tax Withholding (2,516)
Garnishments -
State Unemployment Taxes ER (4,408)
----------
(34,191)
Necessary expenses:
Rent or mortgage payment(s) (20,652)
Utilities & phones (1,490)
Insurance -
Merchandise/services bought for
manufacture or sale -
Other:
Payroll Services -
Benefit Related including flex spending (799)
Vehicle repairs & fuel (410)
Bank Fees -
Postage (117)
Earnest Money Refunds 15
House Trades -
Other - Transfer (2,120)
Supplies & Storage (9,799)
Transportation/travel/lodging (5,250)
Consulting services (17,092)
US Trustee Fees -
Legal - Professional Fees (416,214)
Professional tax service fees -
Filing Fees, Extension Fees (128)
Payroll tax adjustment from prior qtr -
----------
(474,056)
Total Disbursements: (573,479)
----------
Net Receipts (Disbursements) for the (115,486)
Current period
----------
Ending Balance in All Accounts $2,537,546
==========
About Neumann Homes
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company have built more than 11,000 homes in some
150 residential communities. The company offer formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million. The Debtors'
exclusive plan filing period expires on July 31, 2008. (Neumann
Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000)
NEW CENTURY: Posts $7,586,039 Net Loss in Month Ended February 29
-----------------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of February 29, 2008
Assets
Current Assets:
Unrestricted Cash and Equivalents $75,133,144
Restricted Cash and Equivalents 11,296,930
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 429,128
Professional Retainers 0
Other Current Assets 42,059,538
--------------
Total Current Assets 128,918,741
--------------
Property and Equipment 7,506,818
Other Assets 320,235,414
--------------
Total Assets $456,660,973
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise:
Accounts Payable $0
Professional Fees 27,864,675
Liabilities Subject to Compromise:
Secured Debt 220,643,581
Priority Debt 11,323,226
Unsecured Debt 1,056,043,955
--------------
Total Liabilities 1,315,875,437
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings – Prepetition (1,083,442,468)
Retained Earnings – Postpetition (1,951,147,353)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity (859,214,464)
--------------
Total Liabilities and Owners' Equity $456,660,973
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended February 29, 2008
Revenues $57,433
Cost of Goods Sold 0
Operating Expenses:
Employee Benefits Programs 100,442
Insurance 0
Office Expense 65,424
Rent and Lease Expense 59,296
Salaries, Commissions, & Fees 260,754
Travel and Entertainment 393
Other 603,820
Depreciation, Depletion & Amortization 183,421
--------------
Net Loss before Other Income & Expenses (1,216,117)
Other Expense 0
Reorganization Items:
Professional Fees 6,503,851
Interest Earned for Accumulated Cash (133,929)
Income Taxes 0
--------------
Net Profit (Loss) ($7,586,039)
==============
New Century Financial Corp. and Affiliates
Schedule of Cash Receipts and Disbursements
Month Ended February 29, 2008
Cash, Beginning of month $84,928,677
Total Receipts 6,659,929
Total Disbursements (5,158,533)
--------------
Net Cash Flow 1,501,396
--------------
Cash, End of month $86,430,073
==============
About New Century
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and
Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets
of $36,276,815 and total debts of $102,503,950. Confirmation
hearing on the Debtor's plan commenced on April 24, 2008. (New
Century Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORTATION: Posts $9,290,000 Loss in March 2008
---------------------------------------------------------------
Performance Logistics Group and subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2008
Assets
Current Assets:
Cash, cash equivalents and marketable
securities $7,527,000
Deposits 1,453,000
Restricted Cash 8,784,000
Receivables customer 16,259,000
allowance for doubtful accounts (281,000)
Receivables other 1,120,000
Inventory 1,963,000
Work in process 663,000
Prepayments and other current assets 4,284,000
-----------
Total current assets 41,771,000
Property and equipment 52,713,000
Accumulated depreciation (16,676,000)
-----------
Total property and equipment 36,038,000
Other Assets:
Other 11,000
DIP Financing Costs(2007) 1,667,000
Amortization of DIP 2007 financing costs (913,000)
Debt Financing Costs(2007) 8,436,000
Amortization of debt financing costs (8,436,000)
Goodwill -
Debt Costs(DIP) 1,079,000
Amortization of debt costs (1,079,000)
Jr. DIP Debt Costs 140,000
Amortization of Jr DIP debt costs (140,000)
Debt Costs(Prepetition) 8,790,000
Amortization of debt costs (8,790,000)
[_____________] [181,000]
-----------
Total other assets 947,000
-----------
Total assets $78,755,000
===========
Liabilities and Equity
Current Liabilities not Subject to Compromise:
Current portion of debt - prepetition 1st lien $49,625,000
Current portion of debt 26,500,000
Current portion of accrued interest on debt 1,450,000
Current portion of long-term equipment leases 1,769,000
Accounts payable 5,315,000
Accrued workman's compensation 20,714,000
Accrued cargo damage claims 1,201,000
Accrued payroll and benefits 8,982,000
Accrued liabilities 4,613,000
Accrued taxes 512,000
-----------
Total current liabilities 120,680,000
Long Term Liabilities NOT Subject to Compromise:
Long-term debt, less current portion -
Long-term equipment leases 1,514,000
Shareholder, other notes & leases payable -
-----------
Total long term liabilities 1,514,000
Liabilities Subject to Compromise:
Prepetition - 2nd lien debt 35,000,000
Prepetition - accrued interest
Prepetition - accounts payable 3,969,000
Prepetition - accrued liabilities
-----------
Total liabilities subject to compromise 38,969,000
Deferred compensation -
Deferred income taxes 1,162,000
-----------
Total liabilities 162,325
Stockholders' Equity:
Common Stock $0.01 par value; 100,000 shares 1,000
Additional paid-in capital 19,416,000
Restricted Stock -
Currency Exchange 2,243,000
Retained earnings (105,230,000)
-----------
Total stockholders' equity (85,570,000)
-----------
Total liabilities and stockholders' equity $78,755,000
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statements of Operations
For the Year to Date Through March 31, 2008
Transportation Revenue $60,904,000
Plus Fuel Surcharge 7,115,000
-----------
Revenue 68,019,000
Operating Expenses
Driver Wages and Benefits 30,122,000
Claims and Transportation Expenses 3,511,000
Maintenance 7,911,000
Fuel 13,033,000
Memo; Fuel Surcharge (7,115,000)
Terminal Costs 6,754,000
Depreciation 2,537,000
Direct Fixed 3,281,000
Discontinued Operations 127,000
Vehicle Movement -
Management Fee and Expenses 43
Corporate Overhead (less Depreciation) 2,911,000
-----------
Total Operating Costs 70,230,000
Other Income/(Expenses) -
-----------
Operating Income (2,211,000)
-----------
EBITDA 369,000
Less
Amortization of Capital Access Fee and Taxes
included in EBITDA -
Interest Expense 4,299,000
Professional Fees and Restructuring 2,146,000
Goodwill Impairment -
Non-Operating Income/(Expense) (154,000)
-----------
Pretax Income (8,810,000)
Income Tax (Est.) 480,000
-----------
NET INCOME (LOSS) (9,290,000)
Reorganization Items -
-----------
NET INCOME (LOSS) ($9,290,000)
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statement of Cash Flow
For the Year to Date Through March 31, 2008
Cash flows from operating activities
(includes fresh start)
Net Income ($9,290,000)
Adjustments to reconcile net income to
net cash flows provided by operations:
Depreciation and amortization 2,537,000
Gain (loss) on disposal of property
and equipment (153,000)
Goodwill impairment -
Cost of debt financing (retired) -
Amortization of debt financing (DIP) 913,000
Amortization of capital access fee -
Non cash interest (PIK) -
Deferred income taxes (46,000)
Deferred compensation -
Non cash reorganization costs -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (1,440,000)
(Increase) decrease in other current assets 4,047,000
Increase/(decrease) in accounts payable 847,000
(Increase)/decrease in other assets and
liabilities (6,079,000)
-----------
Net cash provided by operating activities (8,663,000)
Cash flows from investing activities
Property and equipment (312,000)
Restricted cash (5,269,000)
Proceeds from disposal of property and equipment -
-----------
Net cash provided by (used in) (5,581,000)
investing activities
Cash flows from financing activities
Repayment of debt -
Borrowings under debt agreement -
Net borrowings (repayments) under
revolving credit facilities 10,000,000
Payments on capital lease obligations (313,000)
Acquisition of capital leases -
Acquisition of debt costs (837,000)
-----------
Net cash used in financing activities 8,850,000
-----------
Net increase (decrease) in cash (5,395,000)
Effect of exchange rate on cash
and cash equivalents 365,000
Cash at beginning of period 14,010,000
-----------
Cash and cash equivalents at end of period $8,980,000
===========
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims and balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file a plan of reorganization. (Performance
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORTATION: Liquidating Trust's Jan. 2008 Report
----------------------------------------------------------------
Clear Thinking Group, LLC, the liquidating trustee appointed
under PTS I's confirmed plan of reorganization, delivered to
the Court an operating report for the PTS Liquidating Trust from
January 1 to 31, 2008.
The Liquidating Trustee reports the Trust made $20,548 in net
disbursements during the reporting period. The Trust's operating
account had an ending balance of $138,149 from a $158,697 balance
at the start of the month.
The Trust's money market account had an ending balance of $99,738
from a $99,392 balance at the start of the month.
The Liquidating Trustee is represented in the cases by Daniel F.
Brown, Esq., at Damon & Morey LLP, in Buffalo, New York.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims and balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file a plan of reorganization. (Performance
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORTATION: Liquidating Trust's Feb. 2008 Report
----------------------------------------------------------------
Clear Thinking Group, LLC, the liquidating trustee appointed
under PTS I's confirmed plan of reorganization, presented to the
Court the PTS Liquidating Trust's operating report for the period
February 1 to 29, 2008.
The Liquidating Trustee reports the Trust had a $27,918 monthly
net of disbursements during the reporting period. The Trustee
also reports that the Trust's operating account had an ending
bank balance of $110,230 from a balance of $138,149 at the
beginning of the reporting period. The Trust's money market
account had an ending balance of $100,005 from a $99,738 balance
at the start of the month.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims and balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file a plan of reorganization. (Performance
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANSPORTATION: Liquidating Trust's March 2008 Report
-----------------------------------------------------------------
Clear Thinking Group, LLC, the trustee appointed to oversee the
liquidation of PTS I's estate pursuant to their confirmed plan of
reorganization, filed with the Court an operating report for the
PTS Liquidating Trust for the month ended March 1 to 31, 2008.
The Liquidating Trustee reports the Trust incurred $17,464 in net
disbursements during the reporting period. The Trust's operating
account had an ending bank balance of $92,765 from a balance of
$110,230 at the beginning of the reporting period. The Trust's
money market account had an ending balance of $100,266 from a
$100,005 balance at the start of the month.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The U.S. Bankruptcy Court for the Western District of New
York confirmed the Debtors' plan on Dec. 21, 2006, and that plan
became effective on Jan. 29, 2007. Garry M. Graber, Esq. of
Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims and balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file a plan of reorganization. (Performance
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Posts $23,293,009 Net Loss in March 31, 2008
-------------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of March 31, 2008
ASSETS
HOMEBUILDING
Cash and Cash Equivalents:
Cash in bank $146,875,153
Cash equivalents (due from title company from 10,974,009
closings)
Inventory:
Deposits 68,014,017
Land 749,631,003
Residences completed and under construction 396,634,542
Inventory not owned 32,082,135
---------------
1,404,210,859
Property and equipment, net 21,990,110
Investments in unconsolidated joint ventures 39,460,553
Receivables from unconsolidated joint ventures 2,553,833
Accounts receivable 52,923,632
Other assets 299,927,689
Goodwill 11,975,000
---------------
1,833,041,674
FINANCIAL SERVICES
Cash and Cash Equivalents:
Unrestricted cash 10,687,951
Restricted cash 4,580,348
Mortgage loans held for sale 11,766,294
Other assets 6,695,030
---------------
33,729,623
---------------
Total Assets $1,866,771,297
===============
LIABILITIES & STOCKHOLDERS' EQUITY
HOMEBUILDING
Accounts payable and other liabilities $361,922,134
Customer deposits 27,508,947
Obligations for inventory not owned 36,007,214
Notes payable 1,598,006,386
Bank borrowings 243,060,830
---------------
2,266,505,510
FINANCIAL SERVICES
Accounts payable and other liabilities 3,142,887
Bank borrowings 3,302,701
---------------
6,445,588
---------------
Total Liabilities 2,272,951,098
Stockholders' Equity:
Preferred stock 90,441,544
Common stock 596,042
Additional paid in capital 485,175,545
Retained earnings (982,392,931)
---------------
Total Stockholders' Equity (406,179,801)
---------------
Total liabilities and Stockholders' Equity $1,866,771,297
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period March 1 to 31, 2008
HOMEBUILDING
Revenues:
Home sales $121,641,325
Land sales 0
---------------
121,641,325
Cost of Sales:
Home sales 115,128,315
Land sales 1,247,530
---------------
116,375,845
Gross Profit 5,265,481
Total selling, general and admin expenses 18,046,780
Loss (income) from joint ventures, net (8,602)
Interest expense, net 10,495,497
Other (income) expense, net (355,180)
---------------
Homebuilding pretax income (loss) (22,930,218)
FINANCIAL SERVICES
Revenue 1,155,063
EXPENSES 1,517,854
---------------
Financial services pretax income (loss) (362,791)
Income (loss) before income taxes (23,293,009)
Provision (benefit) for income taxes 0
---------------
Net Income (Loss) ($23,293,009)
===============
TOUSA, INC., and Subsidiaries
Schedule of Receipts and Disbursements
For the Period March 1 to 31, 2008
Funds at beginning of period $95,426,322
RECEIPTS
Cash sales 114,801,200
Accounts receivable 13,049,757
Other receipts 4,699,669
---------------
Total receipts 132,550,626
---------------
Total funds available for operations 227,976,948
DISBURSEMENTS
Advertising 1,228,716
Bank charges 2,560
Contract labor 69,251
Fixed asset payments 378,316
Insurance 1,237,657
Inventory payments 53,463,033
Leases 813,400
Manufacturing supplies 0
Office supplies 132,530
Payroll - net 9,026,151
Professional fees (accounting and legal) 778,098
Rent 347,931
Repairs & maintenance 327,350
Secured creditor payments 1,749,826
Taxes paid - payroll 52,824
Taxes paid - sales & use 586,157
Taxes paid - other 7,436,910
Telephone 165,688
Travel & entertainment 254,834
U.S. trustee quarterly fees 0
Utilities 151,117
Vehicle expenses 31,007
Other operating expenses 2,868,439
---------------
Total disbursements 81,101,795
---------------
Ending Balance $146,875,153
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. TOUSA Inc.'s financial condition as of Sept. 30, 2007,
showed total assets of $2,276,567,000 and total debts of
$1,767,589,000. Its consolidated detailed balance sheet as of
Feb. 29, 2008 showed total assets of $1,961,669,000 and total
liabilities of $2,278,106,000.
The Debtors' exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ZIFF DAVIS: Files Schedules of Assets and Debts
-----------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand None
B.2 Bank Accounts
Merril Lynch 120,823,710
Bank of New York 284,458
U.S. Bank, N.A. (242,993)
JPMorgan Chase (Bank One) 4,668
B.3 Security Deposits
San Francisco Lease Deposit 750,000
B.4 Household goods and furnishings None
B.5 Books, pictures and other art objects None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports, & other hobby equipment None
B.9 Interests in insurance policies
Prepaid Insurance $171,547
Fleet Bank Medical 74,000
Chase NY Dental 11,500
AIG Insurance Undetermined
Chubb Group (Workers' Compensation) Undetermined
Chubb Group (Package Policy) Undetermined
Chubb Group (Business Auto) Undetermined
Chubb Group (Umbrella) Undetermined
Chubb Group (Travel Accident) Undetermined
Chubb Group (Media Liability) Undetermined
Great Northern Insurance (Foreign) Undetermined
National Union Fire (Executive Risk) Undetermined
National Union Fire (Crime) Undetermined
St. Paul Mercury (Excess D&Os) Undetermined
St. Paul Mercury (Fiduciary Liability) Undetermined
Zurich American (Excess D&Os) Undetermined
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in pension/profit sharing plans None
B.13 Stocks and interests Undetermined
100% Ownership of:
* Ziff Davis Development
* Ziff Davis Publishing Holdings
* Ziff Davis Internet Inc.
B.14 Interests in partnerships
50% Interest in
SEEC/Ziff Davis Group (China), Ltd. Undetermined
B.15 Government and Corporate Bonds None
B.16 Accounts receivable
Trade 7,646,499
Newsstand Warner 1,538,299
Foreign Worldwide 619,404
SC Direct 343,453
Sub-Bill Me 1,609,819
Sub-Agencies (688,715)
SC Direct Warner 1,056,154
Select Media (231,654)
SC Direct IMC 15,918
Retail Vision (60,224)
Accrued 1,859,702
Events 12,665
Walter Karl 173,795
B.17 Alimony None
B.18 Other liquidated debts owed to Debtor None
B.19 Equitable or future interests None
B.20 Interests in estate of decendent, etc. None
B.21 Other contingent and unliquidated claims None
B.22 Intellectual property
Corporate Domain Names Undetermined
Corporate Trademarks Undetermined
Corporate Patents:
Laptop keyboard testing device Undetermined
A list of the Debtor's intellectual
property is available for free at:
http://bankrupt.com/misc/ZiffSchedB22.pdf
B.23 Licenses & other intangibles
* Trademark License Agreement
with CNET (ZD, Inc.) Undetermined
* Content License Agreement
with CNET (ZD, Inc.) Undetermined
* Portal Promotional Agreement
with Dell Marketing USA, LP Undetermined
* License Agreement with ESPN Undetermined
* Games for Windows License Agreement Undetermined
B.24 Customer lists Undetermined
B.25 Automobiles None
B.26 Boats, motors, and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment 5,518,421
B.29 Machinery, fixtures, equipment None
B.30 Inventory None
B.31 Animals None
B.32 Crops - growing or harvested None
B.33 Farming equipment and implements None
B.34 Farms supplies, chemicals, and feed None
B.35 Other personal property
Leasehold improvements - 28th St. 3,242,687
Leasehold improvements - San Fran. 101,259
Trade show staging 18,349
Fixed asset clearing account 16,856
NY Real estate project other (188,382)
TOTAL SCHEDULED ASSETS $144,224,155
========================================================
C. Property Claimed as Exempt None
D. Secured claims
CIT Technology Financing Unliquidated
Ikon Financial Services Undetermined
National City Commercial Undetermined
MHR Fund Management LLC $23,367,836
U.S. Bank, N.A., as trustee 219,249,144
The unsecured portions of MHR's and
U.S. Bank's claims are undetermined
F. Unsecured nonpriority claims
Deutsche Bank Trust Co. Americas $173,372,388
Deutsche Bank Trust Co. Americas 13,304,197
Donnelley 3,896,991
Sony Computer Entertainment 1,280,858
American Express - Weston FL 900,000
Goldman Sachs 900,000
Kable Fulfillment Services 485,000
Perella Weinberg Partners 401,091
63 Madison Associates LP 273,948
Cogent Communications, Inc. 190,000
RCM Technologies 197,593
Insys Consulting Services 112,001
Three Z Printing 108,607
Solar Communications, Inc. 103,712
Xtivia, Inc. 81,520
OMail, Inc. 63,633
Zinio Systems, Inc. 63,582
Double Click TechSolutions 63,518
Yesmail Canada 58,613
ValueMags 54,049
Red Hat, Inc. 49,500
National Publishers Exchange 48,902
Mediamark Research, Inc. 48,404
National MicroRentals 46,705
VeriCenter 45,526
Omniture, Inc. 44,415
Comsys Services LLC 41,310
Princeton Information, Ltd. 37,632
Volt Delta Resources, Inc. 32,363
United Healthcare Insurance Co. 30,982
Terracotta, Inc. 30,000
USPS Disbursing Officer 29,763
Texas Instruments 20,000
Staples Business Advantage 20,393
Sprint Data Services 27,774
Siemens Building Technologies, Inc. 24,150
Roosevelt Hotel 23,800
RPM Associates 39,000
QSP, Inc. 25,000
Professional Interactive Ent. Inc. 28,550
Panther Express Corp. 20,501
Paragon New Media, Inc. 20,000
Patchlink Corporation 16,581
PC Connection 25,215
One PR Studion LLC 30,869
Office Communications 13,570
NetRatings, Inc. 34,138
National Publisher Services 19,168
Microsoft Corporation 45,275
MCI Communications Services, Inc. 20,962
MCI 33,270
Madison Square Garden 13,152
M2 Media Group 54,885
M Media & Marketing, Inc. 14,000
Loricom, Inc. 19,928
Lithium Technologies, Inc. 13,129
Ingersoll Rand 21,980
Hines 101 Second Street LP 24,895
Google, Inc. 26,195
Gfk NOP 13,800
Ferris Research 30,000
Ernst & Young 30,700
Digital River, Inc. 17,608
Clear Channel Communications 27,999
Baskow & Associates Ltd. 24,403
Aspire Technology Partners LLC 53,150
Advantage Security 47,075
Access Media 20,000
Vector Media LLC 12,000
Others 1,439,647
Some of the scheduled claims were listed as contingent,
unliquidated and disputed. The list of scheduled
unsecured claims is available for free at:
http://ResearchArchives.com/t/s?2b1f
TOTAL SCHEDULED LIABILITIES $441,406,545
========================================================
About Ziff Davis Media, Inc.
Headquartered in New York city, New York, Ziff Davis Media, Inc.
-- http://www.ziffdavis.com/-- and its affiliates are integrated
media companies serving the technology and videogame markets.
They are information services and marketing solutions providers of
technology media, including publications, Websites, conferences,
events, eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence. Their US-based media properties
reach over 22 million people per month at work, home and play.
They operate in three segments: the Consumer Tech Group, which
includes PC Magazine and pcmag.com; the Enterprise Group, which
includes eWEEK and eweek.com, and the Game Group, which includes
Electronic Gaming Monthly and 1up.com.
The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768).
Carey D. Schreiber, Esq. at Winston & Strawn, LLP represents the
Debtors in their restructuring efforts. An Official Committee of
Unsecured Creditors have been appointed in the case. When Ziff
Davis filed for bankruptcy protection, it listed assets of between
$100 million to $500 million and debts of $500 million to $1
billion.
The Debtors delivered to the United States Bankruptcy Court for
the Southern District of New York, a Joint Chapter 11 Plan of
Reorganization, on March 26, 2008. The proposed date for the Plan
confirmation hearing is June 11, 2008. (Ziff Davis Bankruptcy
News, Issue No. 9, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstandor 215/945-7000)
ZIFF DAVIS: Five Affiliates File Schedules of Assets and Debts
--------------------------------------------------------------
Five of the debtor-affiliates of Ziff Davis Media, Inc. did not
report any amounts in their schedules of assets and liabilities:
(1) Ziff Davis Development, Inc.;
(2) Ziff Davis Intermediate Holdings, Inc.;
(3) Ziff Davis Internet, Inc.;
(4) Ziff Davis Publishing Holdings, Inc.; and
(5) Ziff Davis Publishing, Inc.
Ziff Davis Holdings, Inc., reported $0 in determined assets and
owes $2,268 to the NYC Department of Finance.
Substantially all of the company's operations are conducted
through Ziff Davis Media, Inc.
Accordingly, the Ziff Entities -- other than Ziff Davis Media --
did not report, in their statements of financial affairs, any
stand-alone income for the period two years preceding the
Petition Date.
Ziff Davis Development, Inc., Ziff Davis Publishing Holdings,
Inc.; and Ziff Davis Internet, Inc., are 100% owned by Ziff Davis
Media. Ziff Publishing Holdings holds 100% of the outstanding
voting common shares of Ziff Davis Publishing.
Ziff Davis Holdings holds 100% of the outstanding voting common
shares of Ziff Davis Intermediate Holdings. Ziff Davis
Intermediate Holdings owns 100% of the outstanding voting common
shares of Ziff Davis Media.
Ziff Davis Holdings is 85.6% owned by Willis Stein Entities and
14.4% owned by DLJ Entities.
About Ziff Davis Media, Inc.
Headquartered in New York city, New York, Ziff Davis Media, Inc.
-- http://www.ziffdavis.com/-- and its affiliates are integrated
media companies serving the technology and videogame markets.
They are information services and marketing solutions providers of
technology media, including publications, Websites, conferences,
events, eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence. Their US-based media properties
reach over 22 million people per month at work, home and play.
They operate in three segments: the Consumer Tech Group, which
includes PC Magazine and pcmag.com; the Enterprise Group, which
includes eWEEK and eweek.com, and the Game Group, which includes
Electronic Gaming Monthly and 1up.com.
The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-10768).
Carey D. Schreiber, Esq. at Winston & Strawn, LLP represents the
Debtors in their restructuring efforts. An Official Committee of
Unsecured Creditors have been appointed in the case. When Ziff
Davis filed for bankruptcy protection, it listed assets of between
$100 million to $500 million and debts of $500 million to $1
billion.
The Debtors delivered to the United States Bankruptcy Court for
the Southern District of New York, a Joint Chapter 11 Plan of
Reorganization, on March 26, 2008. The proposed date for the Plan
confirmation hearing is June 11, 2008. (Ziff Davis Bankruptcy
News, Issue No. 9, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstandor 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.
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