T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 3, 2008, Vol. 12, No. 105
Headlines
AMERICAN LAFRANCE: Files Operating Report for Period Ended Apr 4
ASARCO LLC: Earns $22,252,000 in Month Ended March 31, 2008
CATHOLIC CHURCH: Davenport Posts $272,017 Net Loss in March
CATHOLIC CHURCH: Fairbanks Amends Schedules of Assets and Debts
COMPLETE RETREATS: Files Operating Report for January 2008
COMPLETE RETREATS: Files Operating Report for February 2008
COMPLETE RETREATS: Files Operating Report for March 2008
DELTA FINANCIAL: Earns $35,070,523 in Month Ended March 31
FEDDERS CORP: Files Report for the Month Ended February 29
HOMEBANC MORTGAGE: Posts March 2008 Net Loss of $2,128,000
KITTY HAWK: Incurs $196,534 Net Loss in March 2008
KITTY HAWK: KH Ground Files January 2008 Operating Report
KITTY HAWK: KH Ground Files February 2008 Operating Report
KITTY HAWK: KH Ground Files March 2008 Operating Report
KITTY HAWK: Kitty Hawk AirCargo Files January 2008 Report
KITTY HAWK: Kitty Hawk AirCargo Files February 2008 Report
KITTY HAWK: Kitty Hawk AirCargo Files March 2008 Report
KITTY HAWK: Kitty Hawk Cargo Files January 2008 Report
KITTY HAWK: Kitty Hawk Cargo Files February 2008 Report
KITTY HAWK: Kitty Hawk Cargo Files March 2008 Report
KITTY HAWK: Kitty Hawk Ground Files January 2008 Report
KITTY HAWK: Kitty Hawk Ground Files February 2008 Report
KITTY HAWK: Kitty Hawk Ground Files March 2008 Report
LEVITZ FURNITURE: Earns $331,000 in Month Ended April 6, 2008
MOVIE GALLERY: Earns $5,656,000 for the Month of March 2008
NETBANK INC: Delivers March 2008 Monthly Operating Report
PACIFIC LUMBER: Scotia Dev't Files March 2008 Operating Report
PACIFIC LUMBER: Scotia Pacific Files March 2008 Operating Report
*********
AMERICAN LAFRANCE: Files Operating Report for Period Ended Apr 4
----------------------------------------------------------------
American LaFrance, LLC, delivered to the Court its Monthly
Operating Report for the period from March 1, 2008, through
April 4, 2008.
The Debtor also provided data for its revenues, cash on hand,
and estimated inventory.
A full-text copy of American LaFrance's March 2008 Monthly
Operating Report is available for free at:
http://bankrupt.com/misc/ALF_MonthlyOperatingReport.pdf
American LaFrance, LLC
Cash Receipts and Disbursements
For the Period from Mar. 1 to Apr. 4, 2008
Beginning Cash Book Balance $1,215,863
(excluding Restricted Cash)
Receipts:
Accounts Receivable 5,468,906
Borrowing Under DIP Facility 20,000,000
----------
Total Receipts $25,468,906
----------
Disbursements:
Admin $231,763
Out-bound freight 72,494
Taxes -
Employee Expense 59,849
Equipment Rental 67,233
Insurance 350,508
Marketing 55,653
Occupancy 949,007
Payroll 3,004,934
Employee Benefits & Contractors 1,565,989
Audit/Tax 32,193
Supplies 151,829
Travel 144
Utilities 235,468
Inventory & Material 7,926,641
Utility Deposits 53,600
PPMG 267,264
DIP Interest 157,745
A -- Professional Fee Escrow 1,075,000
B -- Payments on Prepetition Debt 5,468,906
-----------
Total Disbursements $21,726,220
-----------
Net Cash Flow $3,742,687
-----------
Ending Cash Book Balance $4,958,550
===========
About American LaFrance
Headquartered in Summerville, South Carolina, American LaFrance
LLC -- http://www.americanlafrance.com/-- is one of the
oldest
fire apparatus manufacturers and one of the top six suppliers of
emergency vehicles in North America. The company filed for
Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del. Case No.
08-10178). Ian T. Peck, Esq., and Abigail W. Ottmers, Esq., at
Haynes and Boone LLP, are the Debtor's proposed Lead Counsel.
Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg &
Ellers LLP, are the Debtor's proposed local counsel. In its
schedules of assets and debts filed Feb. 4, 2008, the Debtor
disclosed $188,990,680 in total assets and $89,065,038 in total
debts.
The Debtor's exclusive period to file a plan expires on May 27,
2008. (American LaFrance Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ASARCO LLC: Earns $22,252,000 in Month Ended March 31, 2008
-----------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of March 31, 2008
ASSETS
Current Assets:
Cash $964,795,000
Restricted Cash 25,582,000
Accounts receivable, net 180,338,000
Inventory 317,648,000
Prepaid expenses 5,384,000
Other current assets 11,231,000
---------------
Total Current Assets 1,504,978,000
Net property, plant and equipment 496,912,000
Other Assets
Investments in subs 99,166,000
Advances to affiliates 579,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,952,000
Other 81,524,000
---------------
Total assets $2,224,111,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $83,889,000
Accrued liabilities 587,688,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 671,577,000
Prepetition liabilities:
Not subject to compromise - credit 3,645,000
Not subject to compromise - other 55,996,000
Advances from affiliates 24,919,000
Subject to compromise 1,756,766,000
---------------
Total prepetition liabilities 1,841,325,000
---------------
Total liabilities $2,512,903,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (213,545,000)
Retained earnings: filing date (1,649,762,000)
---------------
Total prepetition owners' equity (1,250,405,000)
Retained earnings: post-filing date 961,613,000
---------------
Total owners' equity (net worth) (288,792,000)
Total liabilities and owners' equity $2,224,111,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended March 31, 2008
Sales $180,723,000
Cost of products and services 144,183,000
------------
Gross profit 36,540,000
Operating expenses:
Selling and general & admin expenses 3,423,000
Depreciation & amortization 2,836,000
Provision accretion expense of asset
retirement obligation 412,000
------------
Operating income 29,869,000
Interest expense 196,000
Interest income (2,773,000)
Reorganization expenses 3,271,000
Other miscellaneous (income) expenses (7,452,000)
------------
Income (loss) before taxes 36,628,000
Income taxes 14,376,000
------------
Net income (loss) $22,252,000
============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended March 31, 2008
Receipts $182,868,000
Disbursements:
Inventory material 65,691,000
Operating disbursements 59,619,000
Capital expenditures 23,740,000
-----------
Total disbursements 149,050,000
Operating cash flow 33,818,000
Reorganization disbursements 4,519,000
------------
Net cash flow 29,299,000
Net payments to secured Lenders 0
------------
Net change in cash 29,299,000
Beginning cash balance 961,078,000
------------
Ending cash balances $990,377,000
============
About ASARCO
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
ASARCO and its debtor affiliates are scheduled to file a plan of
reorganization on June 10, 2008. (ASARCO Bankruptcy News, Issue
No. 71; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Davenport Posts $272,017 Net Loss in March
-----------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of March 31, 2008
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,039,722
Cash and cash equivalents - restricted 2,326,239
Accounts receivable, net 55,837
Inventory -
Prepaid expenses 2,448
Professional retainers 55,652
Other: Assets Waiting Disposition 618,533
--------------
Total Current Assets 8,098,431
--------------
Property and Equipment
Real Property 3,000
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 122,874
--------------
Total Assets $8,221,305
==============
LIABILITIES AND NET ASSETS
Postpetition
Current Liabilities:
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $95,648
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other:
Pass-through collections 53,436
Additional Accrued Vacations 5,574
Misc. 300
--------------
Total Current Liabilities 154,958
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 154,958
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,588
General unsecured claims 13,602,441
--------------
Total Prepetition Liabilities 13,763,029
--------------
Total Liabilities 13,917,987
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,572,128)
Post-petition contributions/distributions
or draws -
Market value adjustment 20,023
--------------
Total equity (deficit) (5,696,681)
--------------
Total liabilities & equity (deficit) $8,221,305
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending March 31, 2008
Revenues
Gross sales $111
Less: sales returns & allowances -
Net sales 111
Less: cost of goods sold -
Gross profit 111
Interest 6,049
Other income:
Charitable gifts 204,646
Insurance receipts 60,776
Investment income/fees (8,591)
--------------
Total revenues 262,992
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 109,158
Commissions -
Contract labor 5,016
Rent/Lease:
Personal property 748
Real property -
Insurance 247,109
Management fees -
Depreciation 2,105
Taxes:
Employer payroll taxes 6,947
Real property taxes -
Other taxes -
Other selling -
Other administrative 111,102
Interest -
Other expenses:
Employee benefits 38,883
Charity collection 2,730
Medical assistance/Victim assistance 543
Utilities 15,309
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses -
--------------
Total expenses 551,857
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 16,849
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items 16,849
--------------
Net profit (loss) before federal &
state taxes (272,017)
Federal & state income taxes -
--------------
Net profit (loss) ($272,017)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending March 31, 2008
Cash receipts
Rent/Leases collected $3,095
Cash received from sales 111
Interest received 22,898
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 204,646
Investment income/misc. -
Insurance receipts 60,776
Tribunal/Immigration/Faith Formation fees (11,685)
Decrease in prepaids/accounts receivable 73,798
Misc./Increase in accounts payable 4,515
--------------
Total Cash Receipts 358,154
Cash disbursements:
Payments for inventory -
Selling -
Administrative 118,848
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 748
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 85,362
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,947
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 247,109
Utilities 15,309
Medical/Victim Assistance 543
Employee benefits 38,883
Misc. -
--------------
Total Cash Disbursements 549,753
--------------
Net increase (decrease) in cash (191,599)
Cash balance, beginning of period 2,128,292
--------------
Cash balance, end of period $1,936,693
==============
About Diocese of Davenport
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on Oct. 10, 2006. Richard A.
Davidson, Esq., at Lane & Waterman LLP, represents the Davenport
Diocese in its restructuring efforts. Hamid R. Rafatjoo, Esq.,
and Gillian M. Brown, Esq., at Pachulski Stang Zhiel Young Jones &
Weintraub LLP represent the Official Committee of Unsecured
Creditors. In its schedules of assets and liabilities, the
Davenport Diocese reported $4,492,809 in assets and $1,650,439 in
liabilities. The Court approved on April 3, 2008, the Diocese of
Davenport's second amended disclosure statement explaining its
joint plan of reorganization. The Committee is a proponent to the
plan. The confirmation hearing of the Debtor's plan started on
April 30, 2008. (Catholic Church Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000).
CATHOLIC CHURCH: Fairbanks Amends Schedules of Assets and Debts
---------------------------------------------------------------
The Catholic Bishop of Northern Alaska, aka The Roman Catholic
Diocese of Fairbanks in Alaska, delivered to the U.S.
Bankruptcy Court for the District of Alaska amended schedules of
assets and liabilities to report changes in total scheduled
assets and liabilities.
As previously reported, the Diocese said it has $13,316,864
in total assets and $1,838,719 in total debts.
A. Real Property
Catholic Schools of Fairbanks $3,500,000
Bishop's residence 1,100,000
Chancery and Retreat Center 1,100,000
Others 3,421,000
B. Personal Property
B.1 Cash on Hand 1,600
B.2 Bank Accounts 485,237
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Book, artwork and collectibles Unknown
B.6 Wearing apparel 0
B.7 Furs and jewelry 168
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 401(k) Plan 0
B.13 Stock and Interests 1,088,256
B.14 Interests in partnerships or joint ventures 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 787,239
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests 93,935
B.20 Interests in estate death benefit plan Unknown
B.21 Other Contingent and Unliquidated Claims Unknown
B.22 Patents, copyrights, and others 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations Unknown
B.25 Vehicles 96,285
B.26 Boats, motors and accessories Salvage Value
B.27 Aircraft and accessories 235,000
B.28 Office Equipment 300,000
B.29 Equipment and Supplies for Business 0
B.30 Inventory 84,179
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 965,793
TOTAL SCHEDULED ASSETS $13,258,694
==========================================================
C. Property Claimed $0
D. Creditors Holding Secured Claims
McCosker, Dennis 50,719
Beaumont, Jack and Suzanne 23,200
Hiland, Joyce Marian 33,950
Bozzo, Alfred J. 11,091
Ishiguro, Chothilde 13,713
Sinnot, James Francis 10,621
Others 63,232
E. Creditors Holding Unsecured Priority Claims
Taxes, advanced fees and employee claims 280,969
F. Creditors Holding Unsecured Nonpriority Claims
Deferred revenue - school tuition 422,982
Society of Jesus, Oregon Province 216,966
Alaska Conference of Catholic Bishops 259,541
Others 480,287
TOTAL SCHEDULED LIABILITIES $1,867,276
==========================================================
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA filed for chapter 11 bankruptcy
on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G.
Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its
restructuring efforts. Michael R. Mills, Esq., of Dorsey &
Whitney LLP serves as the Debtor's local counsel and Cook,
Schuhmann & Groseclose Inc. as its special counsel. Judge Donald
MacDonald, IV, of the United States Bankruptcy Court for the
District of Alaska presides over Fairbanks' Chapter 11 case. The
Debtor's schedules show total assets of $13,316,864 and total
liabilities of $1,838,719. The church's exclusive plan filing
period expires on June 29, 2008. (Catholic Church Bankruptcy
News, Issue No. 123; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files Operating Report for January 2008
----------------------------------------------------------
Complete Retreats, LLC, et al.
Monthly Operating Report
For the Month Ended January 31, 2008
(a) Plan payments made during the month:
Administrative Expenses $0
Secured Creditors 0
Priority Creditors 0
Unsecured Creditors 0
-------
Total Plan Payments 0
=======
(b) Cash Flow Report:
Total cash receipts $636,402
Total cash disbursements including plan payments 34,763
--------
Net cash flow $601,638
========
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. The Court confirmed the Debtor's plan on Nov. 30,
2007. (Complete Retreats Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Files Operating Report for February 2008
-----------------------------------------------------------
Complete Retreats, LLC, et al.
Monthly Operating Report
For the Month Ended February 29, 2008
(a) Plan payments made during the month:
Administrative Expenses $0
Secured Creditors 0
Priority Creditors 0
Unsecured Creditors 0
-------
Total Plan Payments 0
=======
(b) Cash Flow Report:
Total cash receipts $1,882
Total cash disbursements including plan payments 11,751
-------
Net cash flow ($9,869)
=======
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. The Court confirmed the Debtor's plan on Nov. 30,
2007. (Complete Retreats Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
COMPLETE RETREATS: Files Operating Report for March 2008
--------------------------------------------------------
Complete Retreats, LLC, et al.
Monthly Operating Report
For the Month Ended March 31, 2008
(a) Plan payments made during the month:
Administrative Expenses $0
Secured Creditors 0
Priority Creditors 0
Unsecured Creditors 0
------
Total Plan Payments 0
======
(b) Cash Flow Report:
Total cash receipts $107,190
Total cash disbursements including plan payments 5,000
--------
Net cash flow $102,190
========
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts. The Court confirmed the Debtor's plan on Nov. 30,
2007. (Complete Retreats Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
DELTA FINANCIAL: Earns $35,070,523 in Month Ended March 31
----------------------------------------------------------
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of March 31, 2008
Assets
Cash and cash equivalents $8,513,626
Mortgage loans held for sale, net 0
Mortgage loans held for investment, net of
discount and deferred fees 0
Less: allowance for loan losses 0
----------
Mortgage loans held for investment, net 0
----------
Trustee receivable 0
Accrued interest receivable 0
Excess cash flow certificates 0
Equipment, net 0
Accounts receivable 11,084,877
Prepaid and other assets 355,791
Deferred tax asset 0
-----------
Total Assets $19,954,295
===========
Liabilities and Stockholder's Equity
Liabilities:
Bank payable 0
Warehouse financing 0
Financing on mortgage loans
held for investment, net 0
Other borrowings 0
Accrued interest payable 0
Accounts payable and other liabilities $12,842,277
Deferred tax liability 0
-----------
Total Liabilities $12,842,277
Stockholders' Equity:
Preferred stock - REIT 0
Common stock $254,792
Additional paid-in capital 158,301,751
Retained earnings (accumulated deficit) (150,126,370)
Accumulated other comprehensive income (loss) 0
Treasury stock, at cost (1,318,154)
-----------
Total stockholders' equity $7,112,018
-----------
Total liabilities and stockholders' equity $19,954,295
===========
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Statements of Operations
Consolidated Statements of Operations
For the Three Months Ended
March 31, 2008
Interest income $103,083
Interest expense (1,281,150)
-----------
Net interest income (1,178,066)
Provision for loan loss 0
-----------
Net interest income after provision for loan loss (1,178,066)
Non-interest income
Net gain on sale of mortgage loans (190,828)
Other income