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: -